its price and the traded volume jumped up to over 12 million shares. It is a shocking volume for the stock as compared to its average value of approximately 3 million shares traded.[BANNER]Historical data points, that IDT has started its way up at the beginning of this week. The reason for the climb appears to be the new $225 million share repurchase program, announced by the company. According to the announcement, the new program was effective immediately, which have caught the investors’ eye.
Integrated Device Technology, Inc. manufactures and markets a range of semiconductor solutions for the advanced communications, computing and consumer industries. Following the chart, we can see that IDT has traded at $7.20 per share this April. Though, a downtrend followed after that. Currently, the price is going up again and by now it has reached $6.22 per share.
According to its 10-K report, the company’s order backlog at the beginning of fiscal 2010 was “at a multi-year low and our first quarter revenues of $116.0 million were over 40% lower than the $200.5 million in revenue recorded in the September 2008 quarter”. However, this was compensated by higher sales.
The financial results of IDT for the fiscal year 2011 look quite promising. Revenue increased sequentially by 15% and gross profit got higher. The company has suffered an operating loss and it still has a long-term debt, however IDT registered more assets than liabilities on its balance sheet.
Presently, the company relies on the new repurchase program and its financials to continue the high move of their stock price. But still, nobody can be certain about the results coming out, though the analysts are optimistic about the stock movement.
