IDT (NYSE:IDT) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• IDT shares rose above their 200-day moving average on Wednesday, trading as high as $63.80 and last changing hands at $62.76. The stock’s 200-day average was $51.92.
• The company recently posted better-than-expected quarterly results, with earnings of $0.94 per share versus the $0.89 consensus and revenue of $315.71 million versus estimates of $308.00 million.
• Insider selling and mixed analyst sentiment were also noted, including sales by EVP Nadine Shea and CFO Marcelo Fischer, while the stock’s average analyst rating remains “Hold.”

IDT Corporation (NYSE:IDT - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $51.92 and traded as high as $63.80. IDT shares last traded at $62.76, with a volume of 156,844 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IDT shares. Wall Street Zen lowered IDT from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 3rd. Weiss Ratings upgraded shares of IDT from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold".

IDT Price Performance

The business has a 50 day moving average of $55.60 and a 200 day moving average of $51.92. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 19.19 and a beta of 0.64.

IDT (NYSE:IDT - Get Free Report) last released its earnings results on Wednesday, June 3rd. The utilities provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.05. IDT had a return on equity of 24.36% and a net margin of 6.41%.The firm had revenue of $315.71 million for the quarter, compared to analyst estimates of $308.00 million.

IDT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Tuesday, June 9th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $0.28 annualized dividend and a yield of 0.4%. IDT's dividend payout ratio (DPR) is presently 8.56%.

Insider Buying and Selling

In other IDT news, EVP Nadine Shea sold 500 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $55.32, for a total value of $27,660.00. Following the completion of the sale, the executive vice president owned 8,725 shares of the company's stock, valued at approximately $482,667. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Marcelo Fischer sold 23,323 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $56.98, for a total transaction of $1,328,944.54. Following the completion of the sale, the chief financial officer owned 32,824 shares in the company, valued at approximately $1,870,311.52. This trade represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 25.41% of the stock is currently owned by insiders.

Institutional Trading of IDT

Several hedge funds have recently added to or reduced their stakes in IDT. Cooke & Bieler LP acquired a new stake in IDT in the 4th quarter valued at $20,030,000. Millennium Management LLC boosted its stake in shares of IDT by 392.6% during the 1st quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider's stock worth $8,406,000 after buying an additional 130,569 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of IDT by 22.1% in the 4th quarter. Geode Capital Management LLC now owns 559,849 shares of the utilities provider's stock valued at $28,675,000 after acquiring an additional 101,268 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of IDT by 1,436.4% in the 2nd quarter. Marshall Wace LLP now owns 94,674 shares of the utilities provider's stock valued at $6,468,000 after acquiring an additional 88,512 shares in the last quarter. Finally, CSM Advisors LLC increased its position in shares of IDT by 107.4% in the fourth quarter. CSM Advisors LLC now owns 103,950 shares of the utilities provider's stock valued at $5,321,000 after acquiring an additional 53,835 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

About IDT

IDT Corporation, founded in 1990 and headquartered in Newark, New Jersey, is a diversified global provider of telecommunications and payment services. The company operates through its primary communications arm, IDT Telecom, and a digital solutions segment that encompasses cross-border money transfers and related fintech offerings. Since its inception, IDT has built an international network infrastructure to support voice and data transmission across more than 200 countries and territories.

Through IDT Telecom, the company offers a suite of voice communication products, including prepaid phone cards, VoIP services, SIP trunking and operator-assisted calling.

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