On June 4, 2023, Victory Capital Management Inc. revealed its latest acquisition of a new position in IDT Co. (NYSE:IDT) during the previous quarter. The financial management firm had bought around 30,326 shares of the utilities provider’s stock with an approximate value of $891,000. At the end of that quarter, Victory Capital Management Inc. owned about 0.12% of IDT.
IDT Corp., operating as a holding company for communications and payment services distribution and marketing, reported its quarterly earnings results on March 8th this year — marking another significant achievement by the company. For this period, IDT reported a notable $0.58 earnings per share with $313.94 million revenues.
Currently segmented into Fintech, net2phone-UCaaS, and Traditional Communications sectors, IDT has taken on the world’s demand for innovation and modern communication systems to provide top-of-the-line services to its global client base. The Fintech sector offers money transfer services which allow IDT customers to transfer funds securely and quickly between individuals or businesses worldwide while leveraging risk management tools specially designed to keep them safe from online frauds.
Net2phone-UCaaS segment provides cloud-based PBXs (private branch exchanges) that enable enterprise-level customers access a wide range of features through value-added resellers (VARs), service providers (SPs), telecom agents or managed SPs supporting US inbound and outbound domestic/international calling from an IP PBX telephone system with seamless SIP trunking compatibility.
Finally, Traditional Communications are also provided by IDT in diversified categories like Web Hosting & DSL; M2M/IoT: Bulk Network Services; Prepaid Payment Services; Retail Products & Integrated Solutions; Customized Turnkey Solutions among others.
With such strong earnings reports and continually expanding service offerings across the digital landscape under various segments being served by the corporation, it is clear that IDT has laid a strong foundation for future growth and innovation — keeping them well poised as an industry leader in their sector.
[bs_slider_forecast ticker=”IDT”]
IDT Corp: A Leading Diversified Holding Company in Communications and Fintech
IDT Corp: A Diversified Holding Company Operating in Communications and Fintech Space
IDT Corporation, founded in 1990, is a leading holding company operating in the communications and fintech sectors. The firm provides various communication and payment services with its headquarters situated in Newark, New Jersey. On June 4, 2023, IDT’s stock opened at $31.57 with a market cap of $805.98 million.
Institutional investors own 42.94% of IDT’s outstanding shares with each vying for growth opportunities over time. Captrust Financial Advisors increased its holdings in IDT by 58.3%, with Barclays PLC adding 44.1%. Simultaneously, Lazard Asset Management LLC raised its holdings by 60.1%, whereas BNP Paribas Arbitrage SA had an increase of 113.2%. Lastly, UBS Group AG gained the most with their holdings increasing by a whopping 2,900%, now owning around $6,390 worth of IDT shares.
There are commonly two types of segments that operate under IDT – Fintech and Communications traditional services sectors coupled with net2phone-UCaaS. The fin-tech segment encompasses areas like money transfer services while net2phone-UCaaS comprises the cloud-based PBX services offered to enterprise customers via their VAP or value-added resellers as well as SIP trunking domestic or international outbound facilities to IPBX or cable telephony.
News recently broke that Executive Vice President Joyce J Mason sold about 3,407 shares at an average price of $32.89 per share on Tuesday, April 11th worth around $112k bringing her holding in the firm to approximately $1.18 million worth of shares quantifying itself to be about roughly 14 percent of all insider ownership at this point according to recent filings.
Several brokerages have analyzed and issued reports related to IDT. TheStreet upgraded shares of IDT from c + rating to b- rating in a report released on Wednesday, February 15th. StockNews.com recently started covering the stock while also giving the company an overall ‘buy’ rating in their initial assessment.
Overall, if one is considering diversifying investable assets between communications and fintech spheres, IDT could prove ideal as they look engrossed in advancements and expansion plans into digital payments and tech-comms infrastructure for modern-day customers.
