InterDigital, Inc. (NASDAQ:IDCC) Short Interest Update

InterDigital, Inc. (NASDAQ:IDCC) was the recipient of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 4,400,000 shares, a growth of 19.6% from the May 15th total of 3,680,000 shares. Based on an average trading volume of 537,000 shares, the short-interest ratio is currently 8.2 days. Currently, 17.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IDCC. StockNews.com lowered shares of InterDigital from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Bank of America reiterated an “underperform” rating and issued a $100.00 price objective (down from $140.00) on shares of InterDigital in a report on Monday, April 1st. Finally, Jefferies Financial Group reissued a “hold” rating and set a $100.00 target price (down previously from $106.00) on shares of InterDigital in a report on Monday, May 13th.

InterDigital Price Performance

NASDAQ:IDCC traded up $0.49 during mid-day trading on Monday, reaching $117.14. 242,826 shares of the stock were exchanged, compared to its average volume of 482,205. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average price of $106.69 and a 200 day moving average price of $106.02. InterDigital has a 1-year low of $74.65 and a 1-year high of $119.86. The firm has a market capitalization of $2.96 billion, a PE ratio of 17.23, a PEG ratio of 0.98 and a beta of 1.40.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, May 2nd. The Wireless communications provider reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $0.06. InterDigital had a net margin of 31.18% and a return on equity of 32.57%. The company had revenue of $263.54 million for the quarter, compared to analysts’ expectations of $250.15 million. Research analysts expect that InterDigital will post 6.79 earnings per share for the current fiscal year.

InterDigital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, July 10th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.37%. InterDigital’s dividend payout ratio (DPR) is presently 23.53%.

Insiders Place Their Bets

In related news, CTO Rajesh Pankaj sold 650 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $95.33, for a total transaction of $61,964.50. Following the completion of the transaction, the chief technology officer now owns 64,939 shares in the company, valued at approximately $6,190,634.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Rajesh Pankaj sold 650 shares of InterDigital stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $95.33, for a total value of $61,964.50. Following the sale, the chief technology officer now directly owns 64,939 shares in the company, valued at approximately $6,190,634.87. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John D. Jr. Markley sold 750 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $115.28, for a total transaction of $86,460.00. Following the completion of the transaction, the director now owns 12,202 shares of the company’s stock, valued at approximately $1,406,646.56. The disclosure for this sale can be found here. Insiders have sold 2,749 shares of company stock valued at $282,883 over the last quarter. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On InterDigital

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of InterDigital by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,343,395 shares of the Wireless communications provider’s stock valued at $268,274,000 after purchasing an additional 72,720 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of InterDigital by 220.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,151,777 shares of the Wireless communications provider’s stock worth $125,014,000 after buying an additional 792,868 shares during the period. Shannon River Fund Management LLC increased its position in shares of InterDigital by 3.9% in the third quarter. Shannon River Fund Management LLC now owns 642,265 shares of the Wireless communications provider’s stock worth $51,535,000 after acquiring an additional 23,815 shares in the last quarter. Capital Management Corp VA raised its holdings in shares of InterDigital by 12.1% during the fourth quarter. Capital Management Corp VA now owns 237,654 shares of the Wireless communications provider’s stock valued at $25,795,000 after acquiring an additional 25,601 shares during the period. Finally, Norges Bank purchased a new stake in shares of InterDigital in the 4th quarter valued at approximately $18,987,000. 99.83% of the stock is owned by institutional investors.

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.