Here’s Why InterDigital (IDCC) Declined in the Third Quarter

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the quarter, the fund returned -5.72% compared to a -4.61 % return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the third-quarter letter, FPA discussed stocks like InterDigital, Inc. (NASDAQ:IDCC). Headquartered in Wilmington, Delaware, InterDigital, Inc. (NASDAQ:IDCC) is a technology company that assists in wireless communications. On October 28, 2022, InterDigital, Inc. (NASDAQ:IDCC) stock closed at $50.13 per share. One-month return of InterDigital, Inc. (NASDAQ:IDCC) was 4.85% and its shares lost 27.09% of their value over the last 52 weeks. InterDigital, Inc. (NASDAQ:IDCC) has a market capitalization of $1.487 billion.

FPA made the following comment about InterDigital, Inc. (NASDAQ:IDCC) in its Q3 2022 investor letter:

InterDigital, Inc. (NASDAQ:IDCC) is a research and development organization that develops and acquires wireless and video patents across key technologies. The company has a history of strong financial performance, opportunistically buys back shares and pays a modest dividend. Shares are down with the declining expectations for smartphone volumes and chip demand more generally.”

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InterDigital, Inc. (NASDAQ:IDCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held InterDigital, Inc. (NASDAQ:IDCC) at the end of the second quarter, which was 15 in the previous quarter.

We discussed InterDigital, Inc. (NASDAQ:IDCC) in another article and shared stocks that rebounded in the first week of October. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.