Short Interest in InterDigital, Inc. (NASDAQ:IDCC) Declines By 12.1%

InterDigital, Inc. (NASDAQ:IDCC) saw 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 shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IDCC. StockNews.com cut shares of InterDigital from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Roth Mkm upped their target price on shares of InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th.

InterDigital Price Performance

Shares of NASDAQ IDCC opened at $196.57 on Tuesday. The company has a 50 day moving average of $162.85 and a 200 day moving average of $138.14. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.03. The firm has a market cap of $4.98 billion, a P/E ratio of 21.00, a PEG ratio of 0.82 and a beta of 1.44. InterDigital has a twelve month low of $95.33 and a twelve month high of $199.79.

InterDigital Increases Dividend

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

Insider Activity at InterDigital

In related news, Director John A. Kritzmacher sold 2,500 shares of InterDigital stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $138.72, for a total value of $346,800.00. Following the completion of the transaction, the director now owns 20,279 shares in the company, valued at $2,813,102.88. The trade was a 10.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajesh Pankaj sold 700 shares of InterDigital stock in a transaction that occurred on Monday, October 7th. The shares were 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 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,340 shares of company stock valued at $472,253. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On InterDigital

Several institutional investors have recently made changes to their positions in IDCC. Tidal Investments LLC grew its position in shares of InterDigital by 13.1% during the third quarter. Tidal Investments LLC now owns 10,923 shares of the Wireless communications provider’s stock worth $1,547,000 after buying an additional 1,269 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of InterDigital in the 3rd quarter valued at about $1,511,000. Sanctuary Advisors LLC grew its holdings in InterDigital by 24.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 6,376 shares of the Wireless communications provider’s stock worth $903,000 after buying an additional 1,265 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of InterDigital by 22.9% during the 3rd quarter. TD Private Client Wealth LLC now owns 902 shares of the Wireless communications provider’s stock valued at $128,000 after acquiring an additional 168 shares during the last quarter. Finally, Chiron Investment Management LLC increased its stake in InterDigital by 138.4% in the 3rd quarter. Chiron Investment Management LLC now owns 2,272 shares of the Wireless communications provider’s stock valued at $322,000 after buying an additional 1,319 shares during the period. 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.