InterDigital (NASDAQ:IDCC) Sets New 1-Year High - Here's What Happened

InterDigital, Inc. (NASDAQ:IDCC - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $217.32 and last traded at $217.29, with a volume of 376574 shares changing hands. The stock had previously closed at $214.29.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of InterDigital from a "buy" rating to a "hold" rating in a research report on Monday, November 4th.

InterDigital Price Performance

The firm's 50-day moving average is $191.85 and its two-hundred day moving average is $168.38. The company has a market cap of $5.43 billion, a P/E ratio of 17.55, a PEG ratio of 1.57 and a beta of 1.44. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.70 and a quick ratio of 1.70.

InterDigital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Wednesday, April 9th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Wednesday, April 9th. This is a boost from InterDigital's previous quarterly dividend of $0.45. InterDigital's payout ratio is currently 14.95%.

Insiders Place Their Bets

In other InterDigital news, CTO Rajesh Pankaj sold 700 shares of InterDigital stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $185.00, for a total transaction of $129,500.00. Following the completion of the transaction, the chief technology officer now directly owns 52,396 shares of the company's stock, valued at $9,693,260. The trade was a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eeva K. Hakoranta sold 350 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $214.51, for a total transaction of $75,078.50. Following the sale, the insider now directly owns 30,537 shares of the company's stock, valued at $6,550,491.87. This represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,134 shares of company stock valued at $4,678,770 over the last three months. 2.30% of the stock is owned by company insiders.

Institutional Trading of InterDigital

A number of hedge funds have recently added to or reduced their stakes in the business. Formidable Asset Management LLC purchased a new stake in InterDigital in the fourth quarter worth about $232,000. Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new position in InterDigital in the fourth quarter worth about $219,000. Elequin Capital LP bought a new position in InterDigital in the fourth quarter worth about $29,000. Twinbeech Capital LP raised its holdings in InterDigital by 243.7% in the fourth quarter. Twinbeech Capital LP now owns 26,571 shares of the Wireless communications provider's stock worth $5,147,000 after purchasing an additional 18,841 shares in the last quarter. Finally, Two Sigma Advisers LP raised its holdings in InterDigital by 138.7% in the fourth quarter. Two Sigma Advisers LP now owns 29,910 shares of the Wireless communications provider's stock worth $5,794,000 after purchasing an additional 17,379 shares in the last quarter. 99.83% of the stock is owned by hedge funds and other institutional investors.

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.