InterDigital (NASDAQ:IDCC) Reaches New 1-Year High – Here’s What Happened

Shares of InterDigital, Inc. (NASDAQ:IDCC) reached a new 52-week high on Wednesday . The company traded as high as $217.32 and last traded at $217.29, with a volume of 376574 shares trading hands. The stock had previously closed at $214.29.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded InterDigital from a “buy” rating to a “hold” rating in a research note on Monday, November 4th.

InterDigital Price Performance

The firm has a 50 day moving average of $191.85 and a 200-day moving average of $168.38. The company has a market cap of $5.57 billion, a P/E ratio of 18.02, a P/E/G ratio of 1.57 and a beta of 1.44. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.02.

InterDigital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Wednesday, April 9th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.11%. The ex-dividend date is Wednesday, April 9th. This is an increase from InterDigital’s previous quarterly dividend of $0.45. InterDigital’s dividend payout ratio (DPR) is 14.95%.

Insider Activity at InterDigital

In other news, CTO Rajesh Pankaj sold 700 shares of the company’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 transaction of $142,891.00. Following the sale, the chief technology officer now directly owns 52,997 shares of the company’s stock, valued at $10,818,277.61. This 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. Also, CEO Lawrence Liren Chen sold 5,891 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $195.34, for a total value of $1,150,747.94. Following the sale, the chief executive officer now directly owns 164,543 shares in the company, valued at $32,141,829.62. This trade represents a 3.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,134 shares of company stock valued at $4,678,770. 2.30% of the stock is owned by company insiders.

Institutional Trading of InterDigital

Hedge funds have recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in shares of InterDigital during the 3rd quarter worth approximately $25,000. Global Retirement Partners LLC raised its holdings in InterDigital by 504.5% during the 4th quarter. Global Retirement Partners LLC now owns 133 shares of the Wireless communications provider’s stock valued at $26,000 after buying an additional 111 shares during the period. Elequin Capital LP purchased a new stake in InterDigital during the 4th quarter valued at $29,000. Prudent Man Investment Management Inc. purchased a new stake in InterDigital during the 4th quarter valued at $39,000. Finally, Mendota Financial Group LLC raised its holdings in InterDigital by 14,500.0% during the 4th quarter. Mendota Financial Group LLC now owns 292 shares of the Wireless communications provider’s stock valued at $57,000 after buying an additional 290 shares during the period. 99.83% of the stock is 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.