IDT Corporation (NYSE:IDT) Sees Large Increase in Short Interest

IDT Corporation (NYSE:IDT) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 468,086 shares, an increase of 73.7% from the January 29th total of 269,528 shares. Currently, 2.5% of the company’s stock are short sold. Based on an average daily volume of 156,322 shares, the days-to-cover ratio is presently 3.0 days. Based on an average daily volume of 156,322 shares, the days-to-cover ratio is presently 3.0 days. Currently, 2.5% of the company’s stock are short sold.

IDT Price Performance

Shares of IDT stock traded up $0.39 during trading on Friday, hitting $50.91. 140,470 shares of the company’s stock traded hands, compared to its average volume of 149,295. IDT has a 1 year low of $45.07 and a 1 year high of $71.12. The business has a 50-day simple moving average of $49.90 and a 200-day simple moving average of $53.41. The stock has a market capitalization of $1.28 billion, a P/E ratio of 15.81 and a beta of 0.80.

IDT (NYSE:IDT) last posted its earnings results on Thursday, December 4th. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.06. IDT had a net margin of 6.53% and a return on equity of 27.12%. The business had revenue of $322.75 million for the quarter, compared to analysts’ expectations of $308.00 million.

IDT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 23rd. Shareholders of record on Monday, December 15th were paid a dividend of $0.06 per share. The ex-dividend date was Monday, December 15th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. IDT’s payout ratio is currently 7.45%.

Insider Buying and Selling

In other news, CFO Marcelo Fischer sold 7,009 shares of the business’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $52.03, for a total transaction of $364,678.27. Following the sale, the chief financial officer owned 56,863 shares in the company, valued at approximately $2,958,581.89. The trade was a 10.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 8,570 shares of company stock worth $446,073 over the last ninety days. Company insiders own 25.41% of the company’s stock.

Institutional Trading of IDT

Several large investors have recently modified their holdings of the company. Geode Capital Management LLC increased its position in IDT by 22.1% during the fourth 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 during the last quarter. Cooke & Bieler LP bought a new stake in shares of IDT during the 4th quarter valued at about $20,030,000. Millennium Management LLC increased its position 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 valued at $8,406,000 after purchasing an additional 130,569 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of IDT by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 113,762 shares of the utilities provider’s stock worth $7,772,000 after purchasing an additional 2,510 shares during the period. Finally, CSM Advisors LLC boosted its holdings 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 worth $5,321,000 after buying an additional 53,835 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

Analyst Ratings Changes

IDT has been the topic of several analyst reports. Wall Street Zen raised IDT from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IDT in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, IDT currently has an average rating of “Hold”.

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.