InterDigital’s (IDCC) “Buy” Rating Reaffirmed at B. Riley
B. Riley reissued their buy rating on shares of InterDigital (NASDAQ:IDCC) in a report issued on Monday morning. They currently have a $100.00 price objective on the Wireless communications provider’s stock.
A number of other equities research analysts also recently weighed in on IDCC. Sidoti upgraded InterDigital from a neutral rating to a buy rating in a report on Tuesday, August 8th. ValuEngine downgraded InterDigital from a strong-buy rating to a buy rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded InterDigital from a hold rating to a buy rating and set a $77.00 price target for the company in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $89.00.
Shares of InterDigital (NASDAQ:IDCC) traded up $3.30 during midday trading on Monday, hitting $77.45. The stock had a trading volume of 495,600 shares, compared to its average volume of 331,863. InterDigital has a 1-year low of $67.55 and a 1-year high of $102.30. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.34. The company has a market cap of $2,573.85, a P/E ratio of 10.24 and a beta of 0.97.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.34. InterDigital had a return on equity of 32.77% and a net margin of 42.94%. The business had revenue of $97.30 million during the quarter, compared to the consensus estimate of $94.13 million. During the same period in the previous year, the business earned $2.99 EPS. The business’s quarterly revenue was down 53.3% on a year-over-year basis. research analysts forecast that InterDigital will post 4.04 EPS for the current year.
InterDigital declared that its Board of Directors has approved a share buyback program on Thursday, September 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the Wireless communications provider to repurchase up to 4.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, EVP James J. Nolan sold 5,020 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $75.00, for a total value of $376,500.00. Following the completion of the transaction, the executive vice president now owns 49,063 shares of the company’s stock, valued at $3,679,725. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jannie K. Lau sold 2,561 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $72.31, for a total value of $185,185.91. Following the completion of the transaction, the executive vice president now directly owns 19,496 shares of the company’s stock, valued at approximately $1,409,755.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,081 shares of company stock valued at $599,186. 1.90% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its stake in shares of InterDigital by 74.6% in the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after purchasing an additional 597 shares in the last quarter. Mountain Capital Investment Advisors Inc bought a new position in shares of InterDigital in the second quarter worth $118,000. Victory Capital Management Inc. lifted its holdings in shares of InterDigital by 17.5% in the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock valued at $125,000 after buying an additional 241 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of InterDigital by 107.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock valued at $160,000 after buying an additional 1,129 shares during the period. Finally, Advisor Group Inc. lifted its holdings in shares of InterDigital by 29.5% in the second quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock valued at $181,000 after buying an additional 534 shares during the period. 72.92% of the stock is owned by institutional investors.
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InterDigital, Inc designs and develops technologies for wireless communications. The Company is focused on three technology areas: cellular wireless technology, Internet of things (IoT) technology, and, through its Hillcrest Laboratories, Inc (Hillcrest Labs) subsidiary, sensor and sensor fusion technology.
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