InterDigital Wireless Inc (NASDAQ:IDCC) Sees Large Increase in Short Interest

InterDigital Wireless Inc (NASDAQ:IDCC) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,500,000 shares, a growth of 23.0% from the September 30th total of 1,220,000 shares. Based on an average daily volume of 349,100 shares, the days-to-cover ratio is currently 4.3 days. Currently, 4.9% of the shares of the stock are sold short.

Shares of IDCC traded down $0.34 during trading hours on Thursday, hitting $56.60. 253,800 shares of the stock were exchanged, compared to its average volume of 347,657. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.06 and a current ratio of 3.06. InterDigital Wireless has a 12-month low of $47.02 and a 12-month high of $76.90. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 31.27, a price-to-earnings-growth ratio of 8.92 and a beta of 1.01. The stock’s 50-day moving average price is $54.53 and its two-hundred day moving average price is $59.27.

InterDigital Wireless (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, October 31st. The Wireless communications provider reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.27. The firm had revenue of $72.52 million during the quarter, compared to analysts’ expectations of $72.82 million. InterDigital Wireless had a return on equity of 1.07% and a net margin of 3.08%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.60 earnings per share. On average, research analysts expect that InterDigital Wireless will post 0.43 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Tuesday, October 8th. InterDigital Wireless’s payout ratio is currently 77.35%.

A number of large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its holdings in InterDigital Wireless by 36.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 663 shares of the Wireless communications provider’s stock valued at $35,000 after buying an additional 178 shares in the last quarter. Colony Group LLC grew its holdings in InterDigital Wireless by 0.7% in the 2nd quarter. Colony Group LLC now owns 29,846 shares of the Wireless communications provider’s stock valued at $1,922,000 after buying an additional 215 shares in the last quarter. Trexquant Investment LP grew its holdings in InterDigital Wireless by 4.8% in the 2nd quarter. Trexquant Investment LP now owns 5,626 shares of the Wireless communications provider’s stock valued at $362,000 after buying an additional 256 shares in the last quarter. Empirical Finance LLC grew its holdings in InterDigital Wireless by 0.9% in the 2nd quarter. Empirical Finance LLC now owns 32,220 shares of the Wireless communications provider’s stock valued at $2,075,000 after buying an additional 280 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in InterDigital Wireless in the 2nd quarter valued at $26,000. Institutional investors own 73.15% of the company’s stock.

Several brokerages recently commented on IDCC. ValuEngine upgraded InterDigital Wireless from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. B. Riley reiterated a “buy” rating and set a $80.00 price target (down from $90.00) on shares of InterDigital Wireless in a research report on Friday, August 2nd. Finally, BidaskClub upgraded InterDigital Wireless from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. InterDigital Wireless has a consensus rating of “Buy” and an average target price of $80.00.

InterDigital Wireless Company Profile

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

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