IDT Co. (NYSE:IDT) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 924,700 shares, an increase of 7.2% from the July 31st total of 862,700 shares. Based on an average trading volume of 148,400 shares, the days-to-cover ratio is currently 6.2 days. Approximately 5.8% of the company’s stock are sold short.
A number of institutional investors and hedge funds have recently modified their holdings of IDT. BlackRock Inc. raised its position in IDT by 183.8% during the second quarter. BlackRock Inc. now owns 1,141,747 shares of the utilities provider’s stock valued at $10,812,000 after acquiring an additional 739,402 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of IDT by 147.9% in the first quarter. Acadian Asset Management LLC now owns 376,408 shares of the utilities provider’s stock valued at $2,500,000 after purchasing an additional 224,558 shares during the period. Renaissance Technologies LLC raised its position in shares of IDT by 7.0% in the second quarter. Renaissance Technologies LLC now owns 1,765,406 shares of the utilities provider’s stock valued at $16,718,000 after purchasing an additional 116,209 shares during the period. Panagora Asset Management Inc. raised its position in shares of IDT by 845.4% in the second quarter. Panagora Asset Management Inc. now owns 80,415 shares of the utilities provider’s stock valued at $762,000 after purchasing an additional 71,909 shares during the period. Finally, Royce & Associates LP raised its position in shares of IDT by 139.2% in the first quarter. Royce & Associates LP now owns 121,701 shares of the utilities provider’s stock valued at $808,000 after purchasing an additional 70,822 shares during the period. 40.00% of the stock is currently owned by hedge funds and other institutional investors.
IDT traded up $0.19 during midday trading on Friday, hitting $11.20. 72,113 shares of the company’s stock traded hands, compared to its average volume of 69,789. The company has a market cap of $289.33 million, a PE ratio of 20.39 and a beta of 1.09. The stock’s fifty day simple moving average is $9.10 and its 200-day simple moving average is $8.04. IDT has a one year low of $5.07 and a one year high of $11.75.
IDT Corporation operates primarily in the telecommunications and payment industries in the United States and internationally. The company operates in two segments, Telecom & Payment Services, and net2phone-Unified Communications as a Service. The Telecom & Payment Services Services segment offers retail telecommunication products, including international long-distance calling products primarily to foreign-born communities; wholesale international long distance traffic termination services for tier 1 fixed line and mobile network operators, as well as for other service providers; and payment offerings, such as international and domestic airtime top-up, domestic bill payment, and international money transfer services.
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