Licensing Renewals Pushed InterDigital (IDCC)

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.20% compared to a 3.18% return for the Russell 2000 Value Index. The Fund returned 4.93% in the first half compared to 2.50% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

FPA Queens Road Small Cap Value Fund highlighted stocks like InterDigital, Inc. (NASDAQ:IDCC) in the second quarter 2023 investor letter. Headquartered in Wilmington, Delaware, InterDigital, Inc. (NASDAQ:IDCC) designs and develops technologies that enable and enhance wireless communications. On September 11, 2023, InterDigital, Inc. (NASDAQ:IDCC) stock closed at $81.08 per share. One-month return of InterDigital, Inc. (NASDAQ:IDCC) was -2.96%, and its shares gained 73.32% of their value over the last 52 weeks. InterDigital, Inc. (NASDAQ:IDCC) has a market capitalization of $2.141 billion.

FPA Queens Road Small Cap Value Fund made the following comment about InterDigital, Inc. (NASDAQ:IDCC) in its Q2 2023 investor letter:

InterDigital, Inc. (NASDAQ:IDCC) is a research and development organization that develops and acquires wireless and video patents across key technologies. The company has a history of strong financial performance, opportunistically buys back shares and pays a modest dividend. Shares jumped earlier this year when InterDigital announced licensing renewals with Samsung, LG and Panasonic and then reported strong fourth quarter 2022 results.”

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InterDigital, Inc. (NASDAQ:IDCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held InterDigital, Inc. (NASDAQ:IDCC) at the end of second quarter which was 22 in the previous quarter.

We discussed InterDigital, Inc. (NASDAQ:IDCC) in another article and shared the list of undervalued stocks to buy according to Goldman Sachs. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.