InterDigital (NASDAQ:IDCC) Issues FY 2024 Earnings Guidance

InterDigital (NASDAQ:IDCC) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 14.690-14.990 for the period, compared to the consensus estimate of 7.870. The company issued revenue guidance of $855.0 million-$865.0 million, compared to the consensus revenue estimate of $721.7 million. InterDigital also updated its Q4 2024 guidance to 5.420-5.700 EPS.

InterDigital Stock Up 10.1 %

Shares of NASDAQ:IDCC traded up $15.26 during midday trading on Friday, hitting $165.70. 868,138 shares of the company’s stock traded hands, compared to its average volume of 426,509. The firm’s fifty day moving average price is $142.84 and its two-hundred day moving average price is $126.27. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.51 and a current ratio of 1.62. InterDigital has a twelve month low of $76.82 and a twelve month high of $166.46. The company has a market cap of $4.16 billion, a PE ratio of 17.70, a P/E/G ratio of 0.95 and a beta of 1.38.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings data on Thursday, August 1st. The Wireless communications provider reported $4.20 EPS for the quarter, beating the consensus estimate of $0.43 by $3.77. InterDigital had a return on equity of 40.49% and a net margin of 36.69%. The company had revenue of $223.49 million for the quarter, compared to analyst estimates of $95.63 million. On average, equities research analysts anticipate that InterDigital will post 9.06 EPS for the current fiscal year.

InterDigital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.09%. 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 dividend payout ratio (DPR) is presently 19.23%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Roth Mkm raised their target price on InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. StockNews.com upgraded InterDigital from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th.

Insider Transactions at InterDigital

In other InterDigital news, CTO Rajesh Pankaj sold 700 shares of InterDigital stock in a transaction on Monday, October 7th. The shares were sold at an average price of $142.78, for a total value of $99,946.00. Following the completion of the transaction, the chief technology officer now owns 54,984 shares of the company’s stock, valued at $7,850,615.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other InterDigital news, Director Derek K. Aberle sold 2,005 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the sale, the director now directly owns 7,639 shares in the company, valued at approximately $1,026,681.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Rajesh Pankaj sold 700 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $142.78, for a total transaction of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares of the company’s stock, valued at $7,850,615.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,205 shares of company stock valued at $716,218. Insiders own 2.30% of the company’s stock.

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.