InterDigital’s (IDCC) “Buy” Rating Reaffirmed at B. Riley

InterDigital (NASDAQ:IDCC)‘s stock had its “buy” rating reiterated by equities research analysts at B. Riley in a research note issued to investors on Wednesday. They currently have a $100.00 price objective on the Wireless communications provider’s stock. B. Riley’s price target indicates a potential upside of 27.23% from the stock’s previous close.

A number of other research firms have also recently commented on IDCC. Zacks Investment Research cut InterDigital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 24th. ValuEngine raised InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, November 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $90.00.

InterDigital (NASDAQ:IDCC) traded up $2.45 during trading on Wednesday, reaching $78.60. The company’s stock had a trading volume of 265,000 shares, compared to its average volume of 237,750. The company has a debt-to-equity ratio of 0.34, a quick ratio of 3.22 and a current ratio of 3.22. InterDigital has a 52 week low of $67.55 and a 52 week high of $102.30. The stock has a market capitalization of $2,700.00, a PE ratio of 10.86 and a beta of 0.97.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.34. InterDigital had a return on equity of 32.77% and a net margin of 42.94%. The company had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $94.13 million. During the same period last year, the business posted $2.99 earnings per share. The firm’s revenue was down 53.3% compared to the same quarter last year. equities research analysts predict that InterDigital will post 4.04 EPS for the current fiscal year.

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

In related news, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction dated Saturday, December 29th. The stock was sold at an average price of $76.50, for a total transaction of $38,250.00. Following the sale, the executive vice president now directly owns 78,881 shares of the company’s stock, valued at $6,034,396.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jannie K. Lau sold 2,561 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $72.31, for a total value of $185,185.91. Following the sale, the executive vice president now directly owns 19,496 shares in the company, valued at $1,409,755.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,581 shares of company stock worth $638,186. 1.90% of the stock is owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC grew its holdings in InterDigital by 74.6% in the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock valued at $108,000 after purchasing an additional 597 shares during the period. Mountain Capital Investment Advisors Inc acquired a new stake in InterDigital in the second quarter valued at approximately $118,000. Victory Capital Management Inc. grew its holdings in InterDigital by 17.5% in the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock valued at $125,000 after purchasing an additional 241 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings in InterDigital by 107.2% in the third 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 period. Finally, Advisor Group Inc. grew its holdings in InterDigital by 29.5% in the second quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock valued at $181,000 after purchasing an additional 534 shares during the period. 72.88% of the stock is currently owned by hedge funds and other institutional investors.

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About InterDigital

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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