InterDigital (NASDAQ:IDCC) Reaches New 52-Week High – Here’s What Happened

InterDigital, Inc. (NASDAQ:IDCC)’s stock price reached a new 52-week high on Monday . The company traded as high as $192.40 and last traded at $192.40, with a volume of 450 shares. The stock had previously closed at $190.12.

Analyst Upgrades and Downgrades

IDCC has been the topic of a number of research reports. StockNews.com downgraded shares of InterDigital from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Roth Mkm lifted their price objective on shares of InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, September 11th.

InterDigital Stock Performance

The business has a 50-day moving average of $158.10 and a two-hundred day moving average of $135.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.62 and a quick ratio of 1.62. The company has a market cap of $4.97 billion, a P/E ratio of 20.94, a P/E/G ratio of 0.80 and a beta of 1.38.

InterDigital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th were given a $0.45 dividend. 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 an increase from InterDigital’s previous quarterly dividend of $0.40. InterDigital’s payout ratio is presently 19.23%.

Insider Activity at InterDigital

In other news, insider Joshua D. Schmidt sold 140 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $182.19, for a total transaction of $25,506.60. Following the transaction, the insider now directly owns 24,138 shares of the company’s stock, valued at approximately $4,397,702.22. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Rajesh Pankaj sold 700 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $142.78, for a total value 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. The trade was a 1.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,340 shares of company stock valued at $472,253 over the last 90 days. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On InterDigital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its stake in shares of InterDigital by 51,337.0% during the second quarter. Pacer Advisors Inc. now owns 743,265 shares of the Wireless communications provider’s stock worth $86,635,000 after buying an additional 741,820 shares during the period. Reinhart Partners LLC. purchased a new position in InterDigital in the 3rd quarter worth $27,762,000. Emerald Advisers LLC lifted its position in InterDigital by 127,997.9% during the 2nd quarter. Emerald Advisers LLC now owns 120,412 shares of the Wireless communications provider’s stock worth $14,035,000 after acquiring an additional 120,318 shares during the period. International Assets Investment Management LLC grew its stake in InterDigital by 283,160.0% during the 3rd quarter. International Assets Investment Management LLC now owns 113,304 shares of the Wireless communications provider’s stock valued at $16,047,000 after purchasing an additional 113,264 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust grew its stake in InterDigital by 473.5% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 96,469 shares of the Wireless communications provider’s stock valued at $11,244,000 after purchasing an additional 79,648 shares during the last quarter. 99.83% of the stock is owned by hedge funds and other institutional investors.

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.