InterDigital (NASDAQ:IDCC) Trading Down 7.4% on Insider Selling

InterDigital, Inc. (NASDAQ:IDCC) fell 7.4% on Tuesday after an insider sold shares in the company. The stock traded as low as $186.93 and last traded at $186.93. 227,074 shares were traded during mid-day trading, a decline of 40% from the average session volume of 377,113 shares. The stock had previously closed at $201.77.

Specifically, CTO Rajesh Pankaj sold 700 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $204.13, for a total value of $142,891.00. Following the sale, the chief technology officer now owns 52,997 shares of the company’s stock, valued at $10,818,277.61. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IDCC shares. StockNews.com downgraded InterDigital from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Roth Mkm raised their price target on InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th.

InterDigital Price Performance

The stock has a market cap of $4.74 billion, a PE ratio of 19.98, a P/E/G ratio of 0.95 and a beta of 1.44. The business has a fifty day simple moving average of $187.60 and a two-hundred day simple moving average of $152.94. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.03.

InterDigital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Wednesday, January 8th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, January 8th. This represents a $1.80 dividend on an annualized basis and a yield of 0.96%. InterDigital’s dividend payout ratio (DPR) is 19.23%.

Hedge Funds Weigh In On InterDigital

Several institutional investors and hedge funds have recently added to or reduced their stakes in IDCC. Victory Capital Management Inc. increased its stake in shares of InterDigital by 10.3% in the 2nd quarter. Victory Capital Management Inc. now owns 27,757 shares of the Wireless communications provider’s stock worth $3,235,000 after acquiring an additional 2,595 shares in the last quarter. Caprock Group LLC bought a new position in InterDigital during the 2nd quarter valued at approximately $338,000. Quest Partners LLC boosted its holdings in InterDigital by 326.2% in the second quarter. Quest Partners LLC now owns 19,470 shares of the Wireless communications provider’s stock worth $2,269,000 after acquiring an additional 14,902 shares in the last quarter. PFG Investments LLC grew its stake in shares of InterDigital by 4.9% in the second quarter. PFG Investments LLC now owns 17,575 shares of the Wireless communications provider’s stock worth $2,048,000 after acquiring an additional 820 shares during the last quarter. Finally, Choreo LLC bought a new position in shares of InterDigital during the second quarter valued at $214,000. Hedge funds and other institutional investors own 99.83% of the company’s stock.

InterDigital Company Profile

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.