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

InterDigital, Inc. (NASDAQ:IDCC) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 4,340,000 shares, a drop of 8.2% from the March 15th total of 4,730,000 shares. Currently, 17.4% of the shares of the company are sold short. Based on an average trading volume of 512,800 shares, the days-to-cover ratio is presently 8.5 days.

InterDigital Price Performance

Shares of NASDAQ:IDCC opened at $96.42 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.05. InterDigital has a 1 year low of $66.82 and a 1 year high of $119.86. The business has a fifty day simple moving average of $104.26 and a 200 day simple moving average of $99.05. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 0.78 and a beta of 1.34.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, February 15th. The Wireless communications provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. InterDigital had a return on equity of 37.77% and a net margin of 38.95%. The business had revenue of $105.52 million during the quarter, compared to analyst estimates of $104.31 million. As a group, sell-side analysts predict that InterDigital will post 7.13 earnings per share for the current fiscal year.

InterDigital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 10th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $1.60 annualized dividend and a yield of 1.66%. InterDigital’s dividend payout ratio (DPR) is currently 21.33%.

Insider Activity at InterDigital

In related news, CTO Rajesh Pankaj sold 650 shares of the firm’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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Eeva K. Hakoranta sold 699 shares of InterDigital stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total transaction of $66,943.23. Following the transaction, the insider now directly owns 29,984 shares in the company, valued at approximately $2,871,567.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Rajesh Pankaj sold 650 shares of InterDigital stock in a transaction on Friday, April 5th. The shares were sold at an average price of $95.33, for a total value of $61,964.50. Following the transaction, the chief technology officer now owns 64,939 shares in the company, valued at $6,190,634.87. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On InterDigital

Several institutional investors have recently bought and sold shares of IDCC. Riverview Trust Co bought a new position in InterDigital during the first quarter valued at about $31,000. Point72 Asset Management L.P. bought a new position in InterDigital during the second quarter valued at about $39,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in InterDigital during the third quarter valued at about $68,000. Parkside Financial Bank & Trust raised its holdings in InterDigital by 12.2% during the third quarter. Parkside Financial Bank & Trust now owns 1,047 shares of the Wireless communications provider’s stock valued at $84,000 after buying an additional 114 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in InterDigital by 12.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,280 shares of the Wireless communications provider’s stock valued at $104,000 after buying an additional 143 shares in the last quarter. 99.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. StockNews.com cut InterDigital from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Bank of America reaffirmed an “underperform” rating and issued a $100.00 target price (down previously from $140.00) on shares of InterDigital in a research report on Monday, April 1st.

InterDigital Company Profile

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.