Iridium Communications Inc (NASDAQ:IRDM) reached a new 52-week high on Monday . The stock traded as high as $20.63 and last traded at $20.65, with a volume of 15995 shares trading hands. The stock had previously closed at $20.50.
Several equities research analysts have weighed in on the stock. BidaskClub cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 26th. Northland Securities restated a “hold” rating and issued a $14.75 price objective on shares of Iridium Communications in a research report on Wednesday, August 1st. BWS Financial assumed coverage on shares of Iridium Communications in a research report on Wednesday, May 9th. They issued a “buy” rating and a $22.00 price objective for the company. Zacks Investment Research upgraded shares of Iridium Communications from a “sell” rating to a “hold” rating in a research report on Saturday, May 12th. Finally, ValuEngine cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $16.75.
The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.09 and a current ratio of 2.18. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 50.88 and a beta of 1.92.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. The firm had revenue of $134.93 million during the quarter, compared to analysts’ expectations of $120.54 million. During the same quarter last year, the company posted $0.20 EPS. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. equities research analysts forecast that Iridium Communications Inc will post -0.14 earnings per share for the current year.
In other news, insider Thomas D. Hickey sold 13,455 shares of Iridium Communications stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $18.86, for a total transaction of $253,761.30. Following the completion of the sale, the insider now owns 125,820 shares in the company, valued at approximately $2,372,965.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Bryan J. Hartin sold 29,655 shares of Iridium Communications stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $19.23, for a total transaction of $570,265.65. Following the sale, the executive vice president now owns 94,168 shares of the company’s stock, valued at approximately $1,810,850.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,371 shares of company stock valued at $1,635,766. 5.60% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of IRDM. Renaissance Technologies LLC grew its position in shares of Iridium Communications by 15.4% during the 4th quarter. Renaissance Technologies LLC now owns 247,799 shares of the technology company’s stock worth $2,924,000 after buying an additional 33,100 shares during the period. Millennium Management LLC acquired a new stake in shares of Iridium Communications during the 4th quarter worth approximately $432,000. Wells Fargo & Company MN grew its position in shares of Iridium Communications by 143.8% during the 1st quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after buying an additional 494,515 shares during the period. Alps Advisors Inc. grew its position in shares of Iridium Communications by 154.7% during the 1st quarter. Alps Advisors Inc. now owns 55,398 shares of the technology company’s stock worth $623,000 after buying an additional 33,647 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Iridium Communications by 137.4% during the 1st quarter. SG Americas Securities LLC now owns 113,766 shares of the technology company’s stock worth $1,280,000 after acquiring an additional 65,835 shares during the last quarter. Institutional investors own 85.25% of the company’s stock.
About Iridium Communications (NASDAQ:IRDM)
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of things (IoT) services.
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