InterDigital (NASDAQ:IDCC) Releases FY24 Earnings Guidance

InterDigital (NASDAQ:IDCC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $7.45-8.76 for the period, compared to the consensus earnings per share estimate of $5.83. The company issued revenue guidance of $620-670 million, compared to the consensus revenue estimate of $634.73 million. InterDigital also updated its Q2 guidance to $0.70-0.80 EPS.

InterDigital Price Performance

Shares of IDCC stock traded up $0.78 during mid-day trading on Friday, hitting $103.64. 586,663 shares of the stock were exchanged, compared to its average volume of 479,142. InterDigital has a 52-week low of $67.68 and a 52-week high of $119.86. The company has a quick ratio of 1.33, a current ratio of 1.34 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.63 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 0.85 and a beta of 1.35. The firm has a fifty day moving average of $101.75 and a 200 day moving average of $100.73.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, February 15th. The Wireless communications provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. InterDigital had a return on equity of 32.57% and a net margin of 31.18%. The company had revenue of $105.52 million for the quarter, compared to the consensus estimate of $104.31 million. Research analysts anticipate that InterDigital will post 7.02 earnings per share for the current year.

InterDigital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Wednesday, April 10th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.54%. The ex-dividend date was Tuesday, April 9th. InterDigital’s payout ratio is presently 23.53%.

Wall Street Analyst Weigh In

IDCC has been the topic of several research analyst reports. Bank of America reiterated an underperform rating and issued a $100.00 target price (down previously from $140.00) on shares of InterDigital in a research report on Monday, April 1st. StockNews.com upgraded InterDigital from a hold rating to a buy rating in a research note on Monday, April 29th.

Insider Buying and Selling at InterDigital

In other news, CTO Rajesh Pankaj sold 650 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $95.33, for a total value of $61,964.50. Following the transaction, the chief technology officer now directly owns 64,939 shares of the company’s stock, valued at $6,190,634.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO Rajesh Pankaj sold 650 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $95.33, for a total value of $61,964.50. Following the completion of the sale, the chief technology officer now directly owns 64,939 shares in the company, valued at $6,190,634.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eeva K. Hakoranta sold 699 shares of InterDigital stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total value of $66,943.23. Following the transaction, the insider now owns 29,984 shares in the company, valued at approximately $2,871,567.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

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.