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

InterDigital, Inc. (NASDAQ:IDCC) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 3,900,000 shares, a decrease of 9.3% from the September 15th total of 4,300,000 shares. Currently, 15.9% of the shares of the stock are short sold. Based on an average daily volume of 408,700 shares, the short-interest ratio is presently 9.5 days.

Wall Street Analysts Forecast Growth

IDCC has been the topic of several recent analyst reports. Roth Mkm lifted their target price on shares of InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. StockNews.com upgraded InterDigital from a “hold” rating to a “buy” rating in a research note on Tuesday.

Insiders Place Their Bets

In related news, Director Derek K. Aberle sold 2,005 shares of InterDigital stock in a transaction on Monday, August 19th. The shares were sold at an average price of $134.40, for a total transaction of $269,472.00. Following the completion of the transaction, the director now owns 7,639 shares of the company’s stock, valued at $1,026,681.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other InterDigital news, CTO Rajesh Pankaj sold 700 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $142.78, for a total transaction of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares in the company, valued at approximately $7,850,615.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Derek K. Aberle sold 2,005 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $134.40, for a total transaction of $269,472.00. Following the completion of the transaction, the director now directly owns 7,639 shares in the company, valued at approximately $1,026,681.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,205 shares of company stock valued at $716,218 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. 1620 Investment Advisors Inc. bought a new position in InterDigital in the second quarter worth $29,000. Riverview Trust Co bought a new position in shares of InterDigital in the 1st quarter worth about $31,000. GAMMA Investing LLC lifted its position in InterDigital by 50.8% during the 2nd quarter. GAMMA Investing LLC now owns 368 shares of the Wireless communications provider’s stock valued at $43,000 after acquiring an additional 124 shares during the period. Nisa Investment Advisors LLC boosted 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 acquiring an additional 109 shares in the last quarter. Finally, Palisade Asset Management LLC purchased a new stake in InterDigital in the first quarter worth about $64,000. Hedge funds and other institutional investors own 99.83% of the company’s stock.

InterDigital Trading Up 2.0 %

Shares of NASDAQ:IDCC traded up $3.07 during trading on Wednesday, reaching $156.82. 271,366 shares of the company traded hands, compared to its average volume of 461,335. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.03. InterDigital has a 52-week low of $74.65 and a 52-week high of $157.15. The business’s fifty day moving average is $138.79 and its 200-day moving average is $121.38. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of 22.65, a P/E/G ratio of 0.94 and a beta of 1.39.

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

InterDigital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be paid a dividend of $0.45 per share. The ex-dividend date 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 dividend yield of 1.15%. InterDigital’s payout ratio is 26.47%.

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.