InterDigital (NASDAQ:IDCC) Updates Q2 Earnings Guidance

InterDigital (NASDAQ:IDCC) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.70-0.80 for the period, compared to the consensus earnings per share estimate of $0.56. The company issued revenue guidance of $93-97 million, compared to the consensus revenue estimate of $107.89 million. InterDigital also updated its FY24 guidance to $7.45-8.76 EPS.

InterDigital Stock Performance

Shares of IDCC stock traded up $0.78 during midday trading on Friday, hitting $103.64. 586,663 shares of the company were exchanged, compared to its average volume of 479,142. The firm has a market capitalization of $2.63 billion, a P/E ratio of 15.24, a PEG ratio of 0.85 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.34. The firm’s 50 day moving average price is $101.75 and its two-hundred day moving average price is $100.73. InterDigital has a 52 week low of $67.68 and a 52 week high of $119.86.

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

InterDigital Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Activity

In other news, insider Eeva K. Hakoranta sold 699 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total transaction of $66,943.23. Following the sale, the insider now directly owns 29,984 shares in the company, valued at $2,871,567.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CTO Rajesh Pankaj sold 650 shares of the 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 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 accessible through the SEC website. Also, insider Eeva K. Hakoranta sold 699 shares of the firm’s stock in a transaction 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 directly owns 29,984 shares of the company’s stock, valued at $2,871,567.68. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

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.