Short Interest in InterDigital, Inc. (NASDAQ:IDCC) Decreases By 9.3%

InterDigital, Inc. (NASDAQ:IDCC) saw a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 3,900,000 shares, a drop of 9.3% from the September 15th total of 4,300,000 shares. Approximately 15.9% of the shares of the company are sold short. Based on an average daily trading volume, of 408,700 shares, the days-to-cover ratio is presently 9.5 days.

InterDigital Price Performance

Shares of InterDigital stock traded up $3.07 on Wednesday, reaching $156.82. 271,366 shares of the stock were exchanged, compared to its average volume of 461,335. The firm’s 50 day moving average is $138.79 and its 200-day moving average is $121.38. The firm has a market cap of $3.96 billion, a PE ratio of 22.65, a P/E/G ratio of 0.94 and a beta of 1.39. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.51 and a current ratio of 1.51. InterDigital has a one year low of $74.65 and a one year high of $157.15.

InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, August 1st. The Wireless communications provider reported $4.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $3.77. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. The firm had revenue of $223.49 million for the quarter, compared to the consensus estimate of $95.63 million. As a group, analysts anticipate that InterDigital will post 9.04 EPS for the current fiscal year.

InterDigital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be paid a $0.45 dividend. This is an increase from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date is Wednesday, October 9th. InterDigital’s dividend payout ratio (DPR) is presently 26.47%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. StockNews.com raised shares of InterDigital from a “hold” rating to a “buy” rating in a report on Tuesday. Roth Mkm boosted their price target on InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th.

Insider Transactions at InterDigital

In other news, CTO Rajesh Pankaj sold 700 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $142.78, for a total transaction of $99,946.00. Following the completion of the sale, the chief technology officer now owns 54,984 shares in the company, valued at $7,850,615.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other InterDigital news, Director John A. Kritzmacher sold 2,500 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $138.72, for a total transaction of $346,800.00. Following the transaction, the director now owns 20,279 shares in the company, valued at $2,813,102.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Rajesh Pankaj sold 700 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $142.78, for a total transaction of $99,946.00. Following the completion of the sale, the chief technology officer now directly owns 54,984 shares of the company’s stock, valued at approximately $7,850,615.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,205 shares of company stock worth $716,218. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On InterDigital

A number of institutional investors have recently added to or reduced their stakes in the stock. 1620 Investment Advisors Inc. acquired a new position in InterDigital in the 2nd quarter worth about $29,000. Riverview Trust Co acquired a new stake in shares of InterDigital in the first quarter valued at about $31,000. GAMMA Investing LLC raised its holdings in InterDigital by 50.8% during the 2nd quarter. GAMMA Investing LLC now owns 368 shares of the Wireless communications provider’s stock worth $43,000 after purchasing an additional 124 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in InterDigital by 38.0% during the second quarter. Nisa Investment Advisors LLC now owns 396 shares of the Wireless communications provider’s stock worth $46,000 after buying an additional 109 shares during the last quarter. Finally, Palisade Asset Management LLC acquired a new position in InterDigital in the first quarter valued at $64,000. 99.83% of the stock is currently owned by institutional investors and hedge funds.

About InterDigital

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.