InterDigital Inc. (IDCC) Reaches New 1-Year High at $70.43
InterDigital Inc. (NASDAQ:IDCC) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $70.43 and last traded at $70.31, with a volume of 115,177 shares traded. The stock had previously closed at $69.82.
Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of InterDigital from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. B. Riley restated a “buy” rating and issued a $69.00 price objective on shares of InterDigital in a research report on Wednesday, May 4th. Finally, TheStreet upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. InterDigital has a consensus rating of “Buy” and an average price target of $66.75.
The firm has a market cap of $2.40 billion and a price-to-earnings ratio of 19.81. The company’s 50-day moving average price is $62.76 and its 200 day moving average price is $56.61.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.83. During the same quarter in the prior year, the firm earned $0.89 earnings per share. The firm had revenue of $75.90 million for the quarter, compared to the consensus estimate of $76.60 million. The company’s revenue for the quarter was down 36.0% compared to the same quarter last year. On average, equities analysts predict that InterDigital Inc. will post $3.01 EPS for the current fiscal year.
In other InterDigital news, EVP Jannie K. Lau sold 6,132 shares of the business’s stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $59.50, for a total transaction of $364,854.00. Following the completion of the sale, the executive vice president now directly owns 19,169 shares in the company, valued at approximately $1,140,555.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jean F. Rankin sold 950 shares of the business’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $58.36, for a total value of $55,442.00. Following the sale, the director now owns 19,639 shares of the company’s stock, valued at $1,146,132.04. The disclosure for this sale can be found here.
An institutional investor recently raised its position in InterDigital stock. Trexquant Investment LP increased its position in shares of InterDigital Inc. (NASDAQ:IDCC) by 87.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,300 shares of the company’s stock after buying an additional 10,400 shares during the period. Trexquant Investment LP owned about 0.06% of InterDigital worth $1,094,000 as of its most recent filing with the SEC.
InterDigital, Inc (InterDigital) designs and develops advanced technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.