IDT (NYSE:IDT) Given New $85.00 Price Target at Freedom Broker

Key Points

• Freedom Broker raised IDT’s price target to $85 from $75 and maintained a “buy” rating, implying 6.27% upside from the then-current price. The consensus rating is “Moderate Buy,” with an $85 average target.
• IDT shares rose 5.9% to $79.98, near their 12-month high of $80.63. The company reported quarterly revenue of $338.98 million, above estimates, but EPS of $0.94 missed the $0.98 consensus.
• Institutional investors own 59.34% of IDT, with several funds recently initiating or increasing positions, including Kahn Brothers Group, which disclosed a new stake.

IDT (NYSE:IDT - Get Free Report) had its price objective hoisted by equities researchers at Freedom Broker from $75.00 to $85.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the utilities provider's stock. Freedom Broker's price target suggests a potential upside of 6.27% from the stock's current price.

Separately, Weiss Ratings reiterated a "hold (c+)" rating on shares of IDT in a research note on Tuesday, September 22nd. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $85.00.

IDT Stock Up 5.9%

Shares of IDT traded up $4.42 during trading hours on Wednesday, hitting $79.98. The company had a trading volume of 592,472 shares, compared to its average volume of 182,892. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 23.05 and a beta of 0.62. The business has a fifty day moving average of $67.74 and a 200-day moving average of $58.54. IDT has a 12 month low of $45.72 and a 12 month high of $80.63.

IDT (NYSE:IDT - Get Free Report) last issued its quarterly earnings data on Monday, September 28th. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.04). The company had revenue of $338.98 million for the quarter, compared to analyst estimates of $319.00 million. IDT had a return on equity of 24.90% and a net margin of 6.67%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kahn Brothers Group Inc. bought a new position in IDT in the 2nd quarter valued at approximately $18,292,990,000. Bank of New York Mellon Corp boosted its holdings in shares of IDT by 0.9% during the 1st quarter. Bank of New York Mellon Corp now owns 117,607 shares of the utilities provider's stock valued at $5,774,000 after acquiring an additional 1,088 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of IDT during the 2nd quarter valued at $646,000. Public Employees Retirement System of Ohio acquired a new position in IDT in the 2nd quarter worth about $596,000. Finally, Entropy Technologies LP acquired a new stake in shares of IDT during the first quarter valued at about $264,000. Institutional investors own 59.34% of the company's stock.

About IDT

IDT Corporation is a telecommunications and financial technology company that provides communications, payment and business services to consumers, small businesses and retail customers. The company operates through brands and businesses focused on international calling, mobile top-ups, money transfers, cloud communications and retail technology.

Its BOSS Revolution platform offers international calling, prepaid wireless services, mobile recharging and international money transfers, primarily serving immigrant and international communities.

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