InterDigital (NASDAQ:IDCC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “InterDigital develops fundamental wireless technologies that are at the core of mobile devices, networks, and services worldwide. Since their founding in 1972, their engineers have designed and developed a wide range of innovations that are used in digital cellular and wireless products and networks, including 2G, 3G, 4G and IEEE 802-related products and networks. They solve many of the industry’s most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world’s leading wireless companies. “

Other equities analysts also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and set a $100.00 price target on shares of InterDigital in a research report on Wednesday, January 3rd. ValuEngine raised InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday, November 16th. Finally, BidaskClub raised InterDigital from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $90.00.

InterDigital (NASDAQ IDCC) traded up $1.40 during trading hours on Wednesday, reaching $80.90. The company’s stock had a trading volume of 640,300 shares, compared to its average volume of 371,837. InterDigital has a 52-week low of $67.55 and a 52-week high of $102.30. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.34. The firm has a market cap of $2,810.00, a P/E ratio of 11.17 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 earnings per share for the quarter, topping 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 firm had revenue of $97.30 million during the quarter, compared to the consensus estimate of $94.13 million. During the same quarter in the prior year, the firm posted $2.99 EPS. The business’s revenue was down 53.3% on a year-over-year basis. research analysts forecast that InterDigital will post 5.72 EPS for the current year.

InterDigital announced that its board has approved a stock repurchase plan on Thursday, September 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the Wireless communications provider to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

In other news, EVP Jannie K. Lau sold 2,561 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $72.31, for a total value of $185,185.91. Following the completion of the sale, the executive vice president now owns 19,496 shares of the company’s stock, valued at approximately $1,409,755.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP James J. Nolan sold 5,020 shares of the stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $75.00, for a total value of $376,500.00. Following the completion of the sale, the executive vice president now directly owns 49,063 shares of the company’s stock, valued at approximately $3,679,725. The disclosure for this sale can be found here. In the last three months, insiders sold 8,581 shares of company stock valued at $638,186. 1.90% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC raised its stake in InterDigital by 74.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock valued at $108,000 after acquiring an additional 597 shares during the period. Mountain Capital Investment Advisors Inc bought a new stake in InterDigital in the 2nd quarter valued at $118,000. Victory Capital Management Inc. raised its stake in InterDigital by 17.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock valued at $125,000 after acquiring an additional 241 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its stake in InterDigital by 107.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock valued at $160,000 after acquiring an additional 1,129 shares during the period. Finally, Advisor Group Inc. raised its stake in InterDigital by 29.5% in the 2nd quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock valued at $181,000 after acquiring an additional 534 shares during the period. 72.88% of the stock is owned by 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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