InterDigital (NASDAQ:IDCC) Shares Down 7.4% Following Insider Selling

InterDigital, Inc. (NASDAQ:IDCC) dropped 7.4% during trading on Tuesday after an insider sold shares in the company. The stock 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 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 directly owns 52,997 shares of the company’s stock, valued at $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.

Analysts Set New Price Targets

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

InterDigital Trading Down 7.3 %

The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $4.74 billion, a P/E ratio of 19.98, a price-to-earnings-growth ratio of 0.95 and a beta of 1.44. The firm’s 50-day simple moving average is $187.60 and its 200-day simple moving average is $152.94.

InterDigital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Wednesday, January 8th will be given a dividend of $0.45 per share. 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 payout ratio is 19.23%.

Hedge Funds Weigh In On InterDigital

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 second 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 stake in InterDigital in the second quarter worth $338,000. Quest Partners LLC boosted its position in InterDigital by 326.2% during the second quarter. Quest Partners LLC now owns 19,470 shares of the Wireless communications provider’s stock valued at $2,269,000 after buying an additional 14,902 shares during the period. PFG Investments LLC grew its stake in shares of InterDigital by 4.9% during the second quarter. PFG Investments LLC now owns 17,575 shares of the Wireless communications provider’s stock valued at $2,048,000 after buying an additional 820 shares during the last quarter. Finally, Choreo LLC purchased a new position in shares of InterDigital in the second quarter worth about $214,000. 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.