B. Riley Analysts Give InterDigital (IDCC) a $90.00 Price Target

InterDigital (NASDAQ:IDCC) has been assigned a $90.00 target price by equities researchers at B. Riley in a report released on Thursday. The brokerage presently has a “buy” rating on the Wireless communications provider’s stock. B. Riley’s price objective would indicate a potential upside of 23.66% from the company’s previous close.

A number of other research analysts also recently commented on IDCC. TheStreet raised shares of InterDigital from a “c+” rating to a “b-” rating in a research report on Monday. ValuEngine downgraded shares of InterDigital from a “buy” rating to a “hold” rating in a research report on Friday, October 12th. BidaskClub raised shares of InterDigital from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 6th. Finally, Zacks Investment Research downgraded shares of InterDigital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $93.60.

Shares of IDCC traded down $0.92 during midday trading on Thursday, reaching $72.78. The stock had a trading volume of 718 shares, compared to its average volume of 242,293. InterDigital has a one year low of $68.22 and a one year high of $85.85. The company has a market cap of $2.49 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 2.40 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.06 and a quick ratio of 4.06.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, November 1st. The Wireless communications provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.36. InterDigital had a net margin of 26.19% and a return on equity of 17.50%. The company had revenue of $75.08 million during the quarter, compared to the consensus estimate of $72.59 million. During the same quarter last year, the firm posted $1.00 EPS. The company’s quarterly revenue was down 22.9% on a year-over-year basis. Analysts expect that InterDigital will post 2.05 earnings per share for the current year.

In other news, EVP James J. Nolan sold 5,093 shares of InterDigital stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $79.82, for a total value of $406,523.26. Following the completion of the transaction, the executive vice president now owns 39,560 shares of the company’s stock, valued at approximately $3,157,679.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of InterDigital by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,239,611 shares of the Wireless communications provider’s stock worth $259,169,000 after buying an additional 79,520 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of InterDigital by 7.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,116,987 shares of the Wireless communications provider’s stock worth $89,359,000 after buying an additional 75,668 shares during the last quarter. Northern Trust Corp lifted its stake in shares of InterDigital by 2.5% during the 2nd quarter. Northern Trust Corp now owns 649,460 shares of the Wireless communications provider’s stock worth $52,541,000 after buying an additional 15,994 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of InterDigital by 11.7% during the 3rd quarter. Renaissance Technologies LLC now owns 465,593 shares of the Wireless communications provider’s stock worth $37,247,000 after buying an additional 48,598 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of InterDigital by 14.9% during the 3rd quarter. Morgan Stanley now owns 362,733 shares of the Wireless communications provider’s stock worth $29,019,000 after buying an additional 47,102 shares during the last quarter. Institutional investors own 75.10% of the company’s stock.

About InterDigital

InterDigital, Inc designs and develops technologies that enable and enhance wireless communications in the United States and internationally. It offers technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, and IEEE 802-related products and networks.

Further Reading: Yield Curve

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