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

Shares of 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 stock in a transaction on Monday, January 6th. The stock was sold at an average price of $204.13, for a total value of $142,891.00. Following the completion of the transaction, the chief technology officer now owns 52,997 shares in the company, valued at $10,818,277.61. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

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

InterDigital Trading Up 2.0 %

The company has a 50 day simple moving average of $189.21 and a two-hundred day simple moving average of $153.69. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.62 and a current ratio of 1.62. The company has a market cap of $4.84 billion, a PE ratio of 20.38, a PEG ratio of 0.95 and a beta of 1.44.

InterDigital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Wednesday, January 8th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Wednesday, January 8th. InterDigital’s dividend payout ratio is currently 19.23%.

Institutional Trading of InterDigital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in shares of InterDigital by 10.3% during the 2nd quarter. Victory Capital Management Inc. now owns 27,757 shares of the Wireless communications provider’s stock worth $3,235,000 after purchasing an additional 2,595 shares in the last quarter. Caprock Group LLC acquired a new stake in InterDigital in the second quarter valued at approximately $338,000. Choreo LLC bought a new stake in InterDigital in the second quarter worth approximately $214,000. Texas Permanent School Fund Corp increased its stake in shares of InterDigital by 2.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 23,154 shares of the Wireless communications provider’s stock worth $2,699,000 after purchasing an additional 659 shares during the last quarter. Finally, AdvisorShares Investments LLC raised its holdings in shares of InterDigital by 17.2% during the 2nd quarter. AdvisorShares Investments LLC now owns 4,688 shares of the Wireless communications provider’s stock valued at $545,000 after purchasing an additional 688 shares in the last quarter. 99.83% of the stock is currently owned by hedge funds and other institutional investors.

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.