WILMINGTON, DE— InterDigital , Inc. (NASDAQ:IDCC) Chief Technology Officer Pankaj Rajesh recently sold a portion of his holdings in the company. According to a recent SEC filing, Rajesh sold 700 shares of InterDigital stock on December 5, 2024, at a price of $200.01 per share. This transaction amounted to a total of $140,007. The sale comes as InterDigital's stock has shown remarkable strength, with an 80% gain year-to-date and trading near its 52-week high of $203.90, according to InvestingPro data.
The sale was executed under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks. Following this transaction, Rajesh retains 53,696.6625 shares of InterDigital stock.
InterDigital, a company involved in patent ownership and licensing, continues to be a significant player in the technology sector. The company's shares are traded on the NASDAQ under the ticker symbol IDCC.
In other recent news, InterDigital, Inc. has reported a robust third quarter in 2024, with revenues of approximately $129 million, surpassing the company's guidance due to new licensing agreements, notably a significant deal with Oppo Group. This achievement has prompted InterDigital to raise its 2024 revenue guidance to a midpoint of $860 million. The company's adjusted EBITDA for the quarter also exceeded expectations, reaching $65 million, and a substantial cash generation resulted in over $800 million in cash by the end of the quarter.
Among the recent developments, InterDigital has secured licensing agreements with the top four smartphone manufacturers, covering a significant portion of the global market. The company also anticipates a record recurring revenue of approximately $118 million in Q4 2024 and an annual recurring revenue of about $470 million, a rise of $80 million. The company's guidance is based on existing contracts, with potential for additional revenue from new agreements.
Analysts from various firms have noted the company's strong momentum, with key contract renewals on the horizon. However, they also highlight that revenue recognition from Lenovo is dependent on ongoing arbitration, with a decision expected after the year-end. The company is optimistic about leveraging recent deals to accelerate licensing opportunities with other manufacturers, including Vivo and Huawei, and sees significant potential in video services.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.