InterDigital (NASDAQ:IDCC) Hits New 52-Week High – Here’s Why

InterDigital, Inc. (NASDAQ:IDCC)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $207.08 and last traded at $203.17, with a volume of 32332 shares changing hands. The stock had previously closed at $203.33.

Analysts Set New Price Targets

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

InterDigital Stock Down 7.3 %

The stock has a fifty day moving average price of $188.35 and a two-hundred day moving average price of $153.43. The company has a market cap 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 company has a debt-to-equity ratio of 0.03, a current ratio of 1.62 and a quick ratio of 1.62.

InterDigital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Wednesday, January 8th will be issued 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 dividend payout ratio (DPR) is currently 19.23%.

Insider Buying and Selling

In other news, CTO Rajesh Pankaj sold 700 shares of InterDigital 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 in the company, valued at approximately $10,818,277.61. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua D. Schmidt sold 140 shares of the business’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 transaction, the insider now owns 24,138 shares of the company’s stock, valued at approximately $4,397,702.22. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,622 shares of company stock worth $2,433,251. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On InterDigital

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Captrust Financial Advisors lifted its stake in shares of InterDigital by 0.5% in the 3rd quarter. Captrust Financial Advisors now owns 13,876 shares of the Wireless communications provider’s stock valued at $1,965,000 after acquiring an additional 68 shares during the last quarter. Simplicity Wealth LLC raised its position in InterDigital by 1.5% during the 3rd quarter. Simplicity Wealth LLC now owns 4,696 shares of the Wireless communications provider’s stock valued at $665,000 after purchasing an additional 69 shares during the last quarter. Blue Trust Inc. raised its position in InterDigital by 9.4% during the 3rd quarter. Blue Trust Inc. now owns 1,175 shares of the Wireless communications provider’s stock valued at $166,000 after purchasing an additional 101 shares during the last quarter. Larson Financial Group LLC raised its position in InterDigital by 8.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,418 shares of the Wireless communications provider’s stock valued at $201,000 after purchasing an additional 116 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of InterDigital by 1.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,093 shares of the Wireless communications provider’s stock worth $1,643,000 after acquiring an additional 153 shares during the period. Institutional investors own 99.83% of the company’s stock.

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.