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

InterDigital, Inc. (NASDAQ:IDCC) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 4,400,000 shares, a drop of 12.0% from the August 15th total of 5,000,000 shares. Based on an average daily volume of 442,700 shares, the short-interest ratio is currently 9.9 days. Approximately 17.9% of the company’s shares are short sold.

InterDigital Stock Down 0.4 %

InterDigital stock traded down $0.61 on Wednesday, hitting $135.08. 225,345 shares of the stock traded hands, compared to its average volume of 467,188. The business’s fifty day simple moving average is $131.28 and its 200 day simple moving average is $115.94. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.03. The firm has a market cap of $3.41 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 0.84 and a beta of 1.39. InterDigital has a 1 year low of $74.65 and a 1 year high of $140.60.

InterDigital (NASDAQ:IDCC) last posted its quarterly earnings results on Thursday, August 1st. The Wireless communications provider reported $4.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $3.77. The firm had revenue of $223.49 million during the quarter, compared to analyst estimates of $95.63 million. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. As a group, sell-side analysts forecast that InterDigital will post 9.05 earnings per share for the current year.

InterDigital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This is an increase from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.33%. InterDigital’s payout ratio is 26.47%.

Analyst Ratings Changes

Several research firms recently weighed in on IDCC. StockNews.com upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, August 22nd. Roth Mkm lifted their price target on shares of InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, September 11th.

Insider Transactions at InterDigital

In other news, Director Derek K. Aberle sold 2,005 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $134.40, for a total value of $269,472.00. Following the transaction, the director now owns 7,639 shares in the company, valued at $1,026,681.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new position in shares of InterDigital during the 2nd quarter valued at approximately $596,000. Truist Financial Corp lifted its holdings in InterDigital by 1.5% in the 2nd quarter. Truist Financial Corp now owns 22,149 shares of the Wireless communications provider’s stock worth $2,582,000 after purchasing an additional 322 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in InterDigital in the 2nd quarter worth approximately $322,000. Disciplined Growth Investors Inc. MN lifted its holdings in InterDigital by 1.0% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,092,927 shares of the Wireless communications provider’s stock worth $127,392,000 after purchasing an additional 10,532 shares in the last quarter. Finally, Creative Planning lifted its holdings in InterDigital by 4.2% in the 2nd quarter. Creative Planning now owns 13,637 shares of the Wireless communications provider’s stock worth $1,590,000 after purchasing an additional 551 shares in the last quarter. 99.83% of the stock is currently 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.