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

Shares of InterDigital, Inc. (NASDAQ:IDCC) fell 7.4% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $186.93 and last traded at $186.93. 227,074 shares were traded during 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 that occurred 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on IDCC shares. StockNews.com downgraded InterDigital from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Roth Mkm lifted 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.

InterDigital Trading Up 2.0 %

The company has a market capitalization of $4.84 billion, a P/E ratio of 20.38, a P/E/G ratio of 0.95 and a beta of 1.44. The company has a 50-day simple moving average of $189.21 and a 200 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.

InterDigital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Wednesday, January 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Wednesday, January 8th. InterDigital’s dividend payout ratio (DPR) is currently 19.23%.

Hedge Funds Weigh In On InterDigital

Several large investors have recently bought and sold shares of the stock. Natixis Advisors LLC bought a new position in shares of InterDigital during the 3rd quarter worth about $1,427,000. Kovitz Investment Group Partners LLC acquired a new stake in InterDigital during the third quarter worth about $380,000. Ritholtz Wealth Management increased its stake in InterDigital by 16.1% during the third quarter. Ritholtz Wealth Management now owns 24,322 shares of the Wireless communications provider’s stock valued at $3,445,000 after acquiring an additional 3,381 shares during the period. Olympiad Research LP acquired a new position in InterDigital in the 3rd quarter valued at approximately $475,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of InterDigital in the 3rd quarter worth approximately $568,000. 99.83% of the stock is currently owned by institutional investors and hedge funds.

About InterDigital

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.