InterDigital, Inc. (NASDAQ:IDCC) Short Interest Down 12.1% in November

InterDigital, Inc. (NASDAQ:IDCC) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 3,210,000 shares, a drop of 12.1% from the October 31st total of 3,650,000 shares. Based on an average daily volume of 378,100 shares, the days-to-cover ratio is currently 8.5 days. Currently, 13.0% of the company’s shares are sold short.

InterDigital Trading Down 0.2 %

Shares of IDCC traded down $0.47 during trading hours on Friday, hitting $195.96. 168,278 shares of the stock traded hands, compared to its average volume of 363,141. InterDigital has a 1-year low of $95.33 and a 1-year high of $199.79. The business has a fifty day moving average of $162.85 and a 200-day moving average of $137.94. 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 firm has a market capitalization of $4.97 billion, a PE ratio of 20.94, a price-to-earnings-growth ratio of 0.82 and a beta of 1.38.

InterDigital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.92%. This is a positive change from InterDigital’s previous quarterly dividend of $0.40. InterDigital’s dividend payout ratio (DPR) is currently 19.23%.

Insiders Place Their Bets

In other news, CTO Rajesh Pankaj sold 700 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $142.78, for a total transaction of $99,946.00. Following the completion of the sale, the chief technology officer now directly owns 54,984 shares of the company’s stock, valued at $7,850,615.52. This trade represents a 1.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joshua D. Schmidt sold 140 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $182.19, for a total value of $25,506.60. Following the sale, the insider now directly owns 24,138 shares of the company’s stock, valued at $4,397,702.22. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,340 shares of company stock worth $472,253. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On InterDigital

Hedge funds have recently modified their holdings of the business. Natixis Advisors LLC bought a new position in InterDigital in the third quarter valued at approximately $1,427,000. Ritholtz Wealth Management grew its stake in InterDigital by 16.1% in the third quarter. Ritholtz Wealth Management now owns 24,322 shares of the Wireless communications provider’s stock valued at $3,445,000 after purchasing an additional 3,381 shares in the last quarter. Olympiad Research LP bought a new position in InterDigital in the third quarter valued at approximately $475,000. Wealth Enhancement Advisory Services LLC bought a new position in InterDigital in the third quarter valued at approximately $568,000. Finally, Capital CS Group LLC bought a new position in InterDigital in the third quarter valued at approximately $502,000. Institutional investors and hedge funds own 99.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IDCC. Roth Mkm boosted their price objective on InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. StockNews.com cut InterDigital from a “buy” rating to a “hold” rating in a research report on Monday, November 4th.

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.