InterDigital Wireless (NASDAQ:IDCC) Downgraded by BidaskClub

BidaskClub downgraded shares of InterDigital Wireless (NASDAQ:IDCC) from a hold rating to a sell rating in a research report released on Thursday, May 23rd, BidAskClub reports.

Other analysts have also issued research reports about the stock. Zacks Investment Research raised shares of InterDigital Wireless from a hold rating to a buy rating and set a $80.00 price target on the stock in a research report on Tuesday, May 7th. B. Riley set a $90.00 price target on shares of InterDigital Wireless and gave the company a buy rating in a research report on Wednesday, February 20th. Finally, TheStreet lowered shares of InterDigital Wireless from a b rating to a c rating in a research report on Thursday, February 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. InterDigital Wireless presently has an average rating of Buy and an average target price of $91.00.

IDCC traded down $0.95 during trading on Thursday, reaching $63.95. The company’s stock had a trading volume of 227,120 shares, compared to its average volume of 478,977. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.95 and a quick ratio of 1.95. InterDigital Wireless has a 1 year low of $62.34 and a 1 year high of $85.85. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 35.33, a price-to-earnings-growth ratio of 7.09 and a beta of 1.10.

InterDigital Wireless (NASDAQ:IDCC) last released its earnings results on Thursday, May 2nd. The Wireless communications provider reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.03). InterDigital Wireless had a return on equity of 3.27% and a net margin of 10.79%. The business had revenue of $68.63 million during the quarter, compared to analysts’ expectations of $70.19 million. During the same period last year, the business earned $1.29 earnings per share. The company’s revenue for the quarter was down 21.5% compared to the same quarter last year. On average, equities analysts anticipate that InterDigital Wireless will post 0.61 earnings per share for the current fiscal year.

In other InterDigital Wireless news, insider William J. Merritt sold 15,000 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $65.02, for a total value of $975,300.00. Following the completion of the transaction, the insider now owns 176,065 shares in the company, valued at $11,447,746.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jean F. Rankin sold 680 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $64.84, for a total transaction of $44,091.20. Following the completion of the transaction, the director now owns 20,918 shares of the company’s stock, valued at approximately $1,356,323.12. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Several hedge funds have recently modified their holdings of IDCC. Norges Bank acquired a new position in shares of InterDigital Wireless during the fourth quarter worth $42,421,000. Renaissance Technologies LLC raised its holdings in shares of InterDigital Wireless by 68.9% in the first quarter. Renaissance Technologies LLC now owns 1,114,267 shares of the Wireless communications provider’s stock valued at $73,519,000 after buying an additional 454,360 shares during the last quarter. Two Sigma Investments LP raised its holdings in shares of InterDigital Wireless by 255.0% in the fourth quarter. Two Sigma Investments LP now owns 133,076 shares of the Wireless communications provider’s stock valued at $8,840,000 after buying an additional 95,593 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of InterDigital Wireless in the fourth quarter valued at about $3,557,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of InterDigital Wireless in the fourth quarter valued at about $2,908,000. Hedge funds and other institutional investors own 74.36% of the company’s stock.

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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