What's Going On With iCoreConnect Stock?

Author: Erica Kollmann | October 01, 2024 04:58pm

iCoreConnect Inc. (NASDAQ:ICCT) shares are racing higher in extended trading Tuesday after the company announced it has entered into an agreement to divest its Managed Service Provider (MSP) division to The 20, LLC through an asset sale.

The Details

iCoreConnect did not disclose the financial terms of the sale but said the sale will provide benefits to the company, including: 

• Focus on Core Competencies: The company will allocate resources more effectively to its primary business lines.
• Financial Benefits: The asset divestiture will generate capital and improve profit margins. 
• Strategic Repositioning and Simplified Structure: The company will streamline its operations. 
• Increased Investor Appeal: The company said focusing on its core SaaS business will create a more streamlined, easier-to-analyze company for investors. 

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According to data from Benzinga Pro, iCoreConnest shares are moving on heavy trading volume following the announcement with more than 6.48 million shares traded on Tuesday. 

How To Buy ICCT Stock

By now you're likely curious about how to participate in the market for iCoreConnect, be it to purchase shares or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off of the share price decline.

ICCT Price Action: According to Benzinga Pro, iCoreConnect shares are up 85.74% after-hours at 65 cents at the time of publication Tuesday.

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Photo: André Santana from Pixabay

Posted In: ICCT