StockNews.com Lowers InterDigital (NASDAQ:IDCC) to Hold

InterDigital (NASDAQ:IDCC) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Separately, Bank of America reissued an “underperform” rating and set a $100.00 target price (down previously from $140.00) on shares of InterDigital in a research note on Monday, April 1st.

InterDigital Stock Performance

IDCC opened at $105.30 on Tuesday. The company has a 50 day simple moving average of $101.68 and a two-hundred day simple moving average of $101.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $2.66 billion, a P/E ratio of 15.49, a PEG ratio of 0.85 and a beta of 1.35. InterDigital has a 1-year low of $74.65 and a 1-year high of $119.86.

InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, February 15th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. InterDigital had a net margin of 31.18% and a return on equity of 32.57%. The company had revenue of $105.52 million during the quarter, compared to the consensus estimate of $104.31 million. Equities analysts forecast that InterDigital will post 7.02 earnings per share for the current fiscal year.

Insider Buying and Selling at InterDigital

In other news, insider Eeva K. Hakoranta sold 699 shares of InterDigital stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total value of $66,943.23. Following the sale, the insider now directly owns 29,984 shares of the company’s stock, valued at $2,871,567.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Eeva K. Hakoranta sold 699 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 29,984 shares in the company, valued at approximately $2,871,567.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Rajesh Pankaj sold 650 shares of the business’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $95.33, for a total transaction of $61,964.50. Following the completion of the sale, the chief technology officer now owns 64,939 shares in the company, valued at approximately $6,190,634.87. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Institutional Trading of InterDigital

Hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. raised its position in InterDigital by 220.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,151,777 shares of the Wireless communications provider’s stock valued at $125,014,000 after purchasing an additional 792,868 shares during the period. Norges Bank bought a new stake in InterDigital in the fourth quarter worth $18,987,000. Crossmark Global Holdings Inc. bought a new stake in InterDigital in the fourth quarter worth $13,309,000. International Assets Investment Management LLC purchased a new position in InterDigital during the fourth quarter worth $9,012,000. Finally, Vanguard Group Inc. increased its position in InterDigital by 2.2% during the third quarter. Vanguard Group Inc. now owns 3,343,395 shares of the Wireless communications provider’s stock valued at $268,274,000 after acquiring an additional 72,720 shares during the last quarter. 99.83% of the stock is currently owned by hedge funds and other 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.