Goldman Sachs Group Inc. Has $1.25 Million Position in Iridium Communications Inc (NASDAQ:IRDM)
Goldman Sachs Group Inc. decreased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 43.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 129,559 shares of the technology company’s stock after selling 98,684 shares during the period. Goldman Sachs Group Inc.’s holdings in Iridium Communications were worth $1,250,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its position in shares of Iridium Communications by 12.5% in the first quarter. HighTower Advisors LLC now owns 27,000 shares of the technology company’s stock valued at $261,000 after buying an additional 3,000 shares during the period. Tudor Investment Corp ET AL boosted its position in shares of Iridium Communications by 28.1% in the first quarter. Tudor Investment Corp ET AL now owns 26,349 shares of the technology company’s stock valued at $254,000 after buying an additional 5,775 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in shares of Iridium Communications by 3.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 55,860 shares of the technology company’s stock valued at $539,000 after buying an additional 1,966 shares during the period. Jane Street Group LLC purchased a new position in shares of Iridium Communications during the first quarter valued at about $483,000. Finally, State Street Corp boosted its position in shares of Iridium Communications by 4.0% in the first quarter. State Street Corp now owns 1,987,240 shares of the technology company’s stock valued at $19,178,000 after buying an additional 77,309 shares during the period.
Shares of Iridium Communications Inc (IRDM) traded down 1.51% during mid-day trading on Thursday, reaching $9.80. The company’s stock had a trading volume of 229,109 shares. The stock has a market cap of $957.15 million, a P/E ratio of 10.48 and a beta of 1.69. The stock has a 50 day moving average of $10.68 and a 200-day moving average of $10.05. Iridium Communications Inc has a one year low of $6.80 and a one year high of $11.58.
Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.18 million. Iridium Communications had a net margin of 22.20% and a return on equity of 6.00%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 earnings per share. On average, equities research analysts expect that Iridium Communications Inc will post $0.80 EPS for the current fiscal year.
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Several research analysts recently issued reports on IRDM shares. BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Iridium Communications has an average rating of “Buy” and an average target price of $12.00.
About Iridium Communications
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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