InterDigital, Inc. (NASDAQ:IDCC) shares rose 7.7% during trading on Friday following a stronger than expected earnings report. The company traded as high as $75.75 and last traded at $75.70. Approximately 500,567 shares changed hands during trading, an increase of 49% from the average daily volume of 335,102 shares. The stock had previously closed at $70.30.
The Wireless communications provider reported $2.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $1.60. InterDigital had a return on equity of 26.52% and a net margin of 32.70%. The business had revenue of $205.30 million for the quarter, compared to the consensus estimate of $191.42 million. During the same quarter in the previous year, the company posted $3.85 EPS. The company’s revenue was down 25.0% compared to the same quarter last year.
IDCC has been the topic of a number of research reports. B. Riley set a $100.00 price objective on InterDigital and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Wednesday, November 1st. BidaskClub downgraded InterDigital from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 25th. ValuEngine raised InterDigital from a “hold” rating to a “buy” rating in a research note on Thursday, November 16th. Finally, Dougherty & Co raised InterDigital from a “neutral” rating to a “buy” rating and set a $87.00 price objective on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $91.33.
In other news, EVP Scott A. Mcquilkin sold 500 shares of the business’s stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $76.50, for a total transaction of $38,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James J. Nolan sold 5,020 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $75.00, for a total value of $376,500.00. Following the transaction, the executive vice president now directly owns 49,063 shares in the company, valued at approximately $3,679,725. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,020 shares of company stock worth $453,000. Corporate insiders own 1.90% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cerebellum GP LLC bought a new position in shares of InterDigital during the 4th quarter valued at approximately $127,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of InterDigital by 57.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,815 shares of the Wireless communications provider’s stock valued at $138,000 after purchasing an additional 664 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of InterDigital by 107.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock valued at $160,000 after purchasing an additional 1,129 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of InterDigital by 52.2% during the 3rd quarter. Victory Capital Management Inc. now owns 2,459 shares of the Wireless communications provider’s stock valued at $181,000 after purchasing an additional 843 shares during the last quarter. Finally, Oakbrook Investments LLC bought a new position in shares of InterDigital during the 4th quarter valued at approximately $202,000. 71.62% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $2,830.00, a PE ratio of 15.51 and a beta of 0.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 3.22 and a current ratio of 3.71.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company is focused on three technology areas: cellular wireless technology, Internet of things (IoT) technology, and, through its Hillcrest Laboratories, Inc (Hillcrest Labs) subsidiary, sensor and sensor fusion technology.
Receive News & Ratings for InterDigital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InterDigital and related companies with MarketBeat.com's FREE daily email newsletter.