InterDigital, Inc. (NASDAQ:IDCC) Sees Large Drop in Short Interest

InterDigital, Inc. (NASDAQ:IDCC) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 2,070,000 shares, a drop of 5.5% from the January 15th total of 2,190,000 shares. Currently, 8.3% of the company’s shares are sold short. Based on an average trading volume of 373,800 shares, the days-to-cover ratio is currently 5.5 days.

Insider Buying and Selling

In other InterDigital news, CEO Lawrence Liren Chen sold 5,891 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $189.12, for a total transaction of $1,114,105.92. Following the completion of the transaction, the chief executive officer now owns 158,652 shares of the company’s stock, valued at approximately $30,004,266.24. This trade represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Rajesh Pankaj sold 700 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were 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 $10,818,277.61. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,182 shares of company stock valued at $2,537,245 over the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On InterDigital

Several large investors have recently bought and sold shares of IDCC. Congress Asset Management Co. bought a new stake in InterDigital in the 4th quarter worth about $62,583,000. Price T Rowe Associates Inc. MD grew its stake in shares of InterDigital by 1,451.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 299,326 shares of the Wireless communications provider’s stock valued at $57,986,000 after purchasing an additional 280,030 shares during the period. Reinhart Partners LLC. grew its stake in shares of InterDigital by 83.8% during the 4th quarter. Reinhart Partners LLC. now owns 360,238 shares of the Wireless communications provider’s stock valued at $69,785,000 after purchasing an additional 164,223 shares during the period. Millennium Management LLC grew its stake in shares of InterDigital by 3,962.5% during the 4th quarter. Millennium Management LLC now owns 128,780 shares of the Wireless communications provider’s stock valued at $24,947,000 after purchasing an additional 125,610 shares during the period. Finally, International Assets Investment Management LLC grew its stake in shares of 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 period. 99.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

InterDigital Price Performance

IDCC opened at $217.28 on Thursday. The stock has a 50-day moving average price of $191.43 and a 200-day moving average price of $168.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.70 and a quick ratio of 1.70. The firm has a market cap of $5.58 billion, a PE ratio of 18.05, a P/E/G ratio of 1.55 and a beta of 1.44. InterDigital has a 1 year low of $95.33 and a 1 year high of $218.20.

InterDigital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Wednesday, April 9th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.10%. This is an increase from InterDigital’s previous quarterly dividend of $0.45. The ex-dividend date is Wednesday, April 9th. InterDigital’s dividend payout ratio (DPR) is presently 14.95%.

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.