BidaskClub Upgrades InterDigital (IDCC) to Sell

InterDigital (NASDAQ:IDCC) was upgraded by stock analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Several other research firms have also recently commented on IDCC. B. Riley reissued a “buy” rating and set a $100.00 target price on shares of InterDigital in a research report on Friday, October 27th. ValuEngine raised shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday, November 16th. Finally, Zacks Investment Research cut shares of InterDigital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $90.00.

InterDigital (IDCC) opened at $79.85 on Thursday. InterDigital has a 1 year low of $67.55 and a 1 year high of $102.30. The firm has a market cap of $2,735.26, a PE ratio of 10.88 and a beta of 0.97. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.22 and a quick ratio of 3.22.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The business had revenue of $97.30 million for the quarter, compared to analysts’ expectations of $94.13 million. During the same quarter last year, the firm earned $2.99 EPS. The firm’s revenue for the quarter was down 53.3% compared to the same quarter last year. equities analysts expect that InterDigital will post 5.72 earnings per share for the current year.

InterDigital declared that its board has approved a stock buyback program on Thursday, September 14th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the Wireless communications provider to reacquire up to 4.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

In other news, EVP Jannie K. Lau sold 2,561 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $72.31, for a total transaction of $185,185.91. Following the completion of the sale, the executive vice president now owns 19,496 shares in the company, valued at approximately $1,409,755.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’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 disclosure for this sale can be found here. In the last three months, insiders have sold 8,581 shares of company stock worth $638,186. Insiders own 1.90% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its stake in shares of InterDigital by 7.4% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 213,564 shares of the Wireless communications provider’s stock worth $15,751,000 after purchasing an additional 14,670 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of InterDigital by 116.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 23,618 shares of the Wireless communications provider’s stock worth $1,826,000 after purchasing an additional 12,697 shares during the last quarter. Vanguard Group Inc. grew its stake in InterDigital by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 2,865,421 shares of the Wireless communications provider’s stock valued at $221,497,000 after buying an additional 40,030 shares in the last quarter. Northern Trust Corp grew its stake in InterDigital by 2.7% in the 2nd quarter. Northern Trust Corp now owns 614,152 shares of the Wireless communications provider’s stock valued at $47,473,000 after buying an additional 16,034 shares in the last quarter. Finally, Personal Capital Advisors Corp grew its stake in InterDigital by 71.9% in the 3rd quarter. Personal Capital Advisors Corp now owns 61,799 shares of the Wireless communications provider’s stock valued at $4,558,000 after buying an additional 25,850 shares in the last quarter. Institutional investors own 72.88% of the company’s stock.

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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.

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