InterDigital, Inc. (NASDAQ:IDCC) Sees Large Drop in Short Interest

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. StockNews.com raised InterDigital from a “hold” rating to a “buy” rating in a research report on Tuesday. Roth Mkm upped their price objective on InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th.

InterDigital Price Performance

Shares of IDCC traded down $1.08 during mid-day trading on Thursday, hitting $155.74. The company’s stock had a trading volume of 29,022 shares, compared to its average volume of 459,184. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.03. The firm has a 50-day simple moving average of $139.20 and a 200 day simple moving average of $121.63. The firm has a market capitalization of $3.93 billion, a P/E ratio of 23.06, a P/E/G ratio of 0.94 and a beta of 1.39. InterDigital has a 1-year low of $74.65 and a 1-year high of $157.15.

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

InterDigital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This is a boost from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 1.16%. InterDigital’s payout ratio is currently 26.47%.

Insider Activity at InterDigital

In related news, Director John A. Kritzmacher sold 2,500 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $138.72, for a total value of $346,800.00. Following the sale, the director now owns 20,279 shares in the company, valued at approximately $2,813,102.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other InterDigital news, Director John A. Kritzmacher sold 2,500 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $138.72, for a total transaction of $346,800.00. Following the sale, the director now owns 20,279 shares in the company, valued at $2,813,102.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Derek K. Aberle sold 2,005 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the sale, the director now owns 7,639 shares in the company, valued at approximately $1,026,681.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,205 shares of company stock worth $716,218. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On InterDigital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of InterDigital by 16.1% in the fourth quarter. Wellington Management Group LLP now owns 78,669 shares of the Wireless communications provider’s stock worth $8,539,000 after acquiring an additional 10,926 shares during the last quarter. Duality Advisers LP grew its position in shares of InterDigital by 1,380.5% in the first quarter. Duality Advisers LP now owns 32,320 shares of the Wireless communications provider’s stock valued at $3,441,000 after purchasing an additional 30,137 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of InterDigital by 35.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,503 shares of the Wireless communications provider’s stock valued at $3,780,000 after purchasing an additional 9,263 shares during the period. Edgestream Partners L.P. grew its position in InterDigital by 118.5% during the first quarter. Edgestream Partners L.P. now owns 13,361 shares of the Wireless communications provider’s stock valued at $1,422,000 after acquiring an additional 7,245 shares during the period. Finally, Russell Investments Group Ltd. grew its position in InterDigital by 294,025.0% during the first quarter. Russell Investments Group Ltd. now owns 11,765 shares of the Wireless communications provider’s stock valued at $1,253,000 after acquiring an additional 11,761 shares during the period. 99.83% of the stock is 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.