InterDigital (NASDAQ:IDCC) Releases FY24 Earnings Guidance

InterDigital (NASDAQ:IDCC) issued an update on its FY24 earnings guidance on Thursday morning. 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 Stock Performance

Shares of NASDAQ:IDCC traded up $0.78 during trading on Friday, reaching $103.64. 586,663 shares of the company’s stock traded hands, compared to its average volume of 479,142. The stock has a market capitalization of $2.63 billion, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 0.85 and a beta of 1.35. InterDigital has a 12 month low of $67.68 and a 12 month high of $119.86. The company has a 50 day moving average of $101.75 and a 200-day moving average of $100.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.34 and a quick ratio of 1.33.

InterDigital (NASDAQ:IDCC) last posted its earnings results on Thursday, February 15th. The Wireless communications provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $105.52 million during the quarter, compared to analyst estimates of $104.31 million. InterDigital had a return on equity of 32.57% and a net margin of 31.18%. On average, equities analysts expect that InterDigital will post 7.02 EPS for the current year.

InterDigital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 10th were given 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 dividend payout ratio is presently 23.53%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other InterDigital news, insider Eeva K. Hakoranta sold 699 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $95.77, for a total transaction of $66,943.23. Following the transaction, the insider now owns 29,984 shares of the company’s stock, valued at approximately $2,871,567.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Rajesh Pankaj sold 650 shares of the company’s stock in a transaction 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 owns 64,939 shares in the company, valued at $6,190,634.87. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eeva K. Hakoranta sold 699 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $95.77, for a total value of $66,943.23. Following the transaction, the insider now directly owns 29,984 shares of the company’s stock, valued at approximately $2,871,567.68. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

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.