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

InterDigital, Inc. (NASDAQ:IDCC)’s stock price dropped 7.4% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $186.93 and last traded at $186.93. Approximately 227,074 shares were traded during trading, a decline of 40% from the average daily 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 that occurred 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 directly owns 52,997 shares of the company’s stock, valued at approximately $10,818,277.61. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

IDCC has been the topic of a number of recent analyst reports. Roth Mkm increased their price target on shares of InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. StockNews.com downgraded InterDigital from a “buy” rating to a “hold” rating in a report on Monday, November 4th.

InterDigital Stock Performance

The stock’s 50-day moving average is $188.35 and its 200-day moving average is $153.43. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.03. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 19.98, a P/E/G ratio of 0.95 and a beta of 1.44.

InterDigital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Wednesday, January 8th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Wednesday, January 8th. InterDigital’s payout ratio is currently 19.23%.

Hedge Funds Weigh In On InterDigital

A number of hedge funds have recently made changes to their positions in IDCC. Transcendent Capital Group LLC purchased a new stake in InterDigital during the 3rd quarter worth $25,000. V Square Quantitative Management LLC acquired a new position in shares of InterDigital during the third quarter worth about $26,000. Nisa Investment Advisors LLC boosted its position in shares of InterDigital by 58.8% in the third quarter. Nisa Investment Advisors LLC now owns 629 shares of the Wireless communications provider’s stock worth $89,000 after buying an additional 233 shares during the period. GAMMA Investing LLC boosted its position in shares of InterDigital by 81.3% in the third quarter. GAMMA Investing LLC now owns 667 shares of the Wireless communications provider’s stock worth $94,000 after buying an additional 299 shares during the period. Finally, CWM LLC grew its stake in shares of InterDigital by 34.0% in the third quarter. CWM LLC now owns 851 shares of the Wireless communications provider’s stock valued at $121,000 after buying an additional 216 shares in the last quarter. 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.