IDT (NYSE:IDT) Hits New 1-Year High - Here's What Happened

Key Points

• IDT shares reached a new 52-week high of $70.00 before trading around $68.53, despite a 0.4% decline. The stock’s market capitalization is approximately $1.70 billion, with a P/E ratio of 20.96.
• Weiss Ratings upgraded IDT from “hold (c)” to “hold (c+),” while the sole analyst covering the stock maintains a Hold rating.
• CFO Marcelo Fischer sold 23,323 shares for approximately $1.33 million, reducing his ownership by 41.54%. Insiders own 25.41% of IDT, while institutional investors and hedge funds hold 59.34%.

IDT Corporation (NYSE:IDT - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $70.00 and last traded at $68.5290, with a volume of 170823 shares trading hands. The stock had previously closed at $68.83.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded IDT from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold".

IDT Trading Down 0.4%

The firm's 50-day simple moving average is $65.19 and its two-hundred day simple moving average is $56.54. The stock has a market capitalization of $1.70 billion, a PE ratio of 20.96 and a beta of 0.62.

Insider Buying and Selling at IDT

In other news, CFO Marcelo Fischer sold 23,323 shares of IDT 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 transaction, the chief financial officer owned 32,824 shares in the company, valued at approximately $1,870,311.52. The trade was a 41.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 25.41% of the company's stock.

Institutional Investors Weigh In On IDT

A number of institutional investors have recently bought and sold shares of IDT. Nykredit A S acquired a new position in shares of IDT in the 2nd quarter valued at about $32,000. Allworth Financial LP lifted its position in shares of IDT by 531.1% in the second quarter. Allworth Financial LP now owns 568 shares of the utilities provider's stock worth $33,000 after purchasing an additional 478 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of IDT during the third quarter worth approximately $96,000. Gabelli Funds LLC acquired a new stake in shares of IDT during the second quarter worth approximately $239,000. Finally, Corient Private Wealth LP purchased a new position in IDT during the second quarter valued at approximately $252,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.