Iridium Communications Inc (NASDAQ:IRDM) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 23,126,328 shares, a drop of 5.1% from the August 31st total of 24,367,424 shares. Approximately 28.1% of the shares of the stock are short sold. Based on an average daily volume of 781,799 shares, the short-interest ratio is presently 29.6 days.

Shares of Iridium Communications (NASDAQ IRDM) opened at 10.30 on Monday. Iridium Communications has a 52 week low of $7.50 and a 52 week high of $11.58. The stock has a market capitalization of $1.01 billion, a P/E ratio of 11.02 and a beta of 1.72. The company has a 50-day moving average of $10.20 and a 200-day moving average of $10.20.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. The business had revenue of $111.60 million for the quarter, compared to analysts’ expectations of $109.18 million. During the same period last year, the firm earned $0.22 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts anticipate that Iridium Communications will post $0.80 EPS for the current year.

IRDM has been the subject of several research analyst reports. BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, July 31st. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. Drexel Hamilton restated a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research note on Thursday, August 31st. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $12.50.

In other news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the transaction, the chief operating officer now directly owns 309,000 shares in the company, valued at approximately $3,247,590. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.40% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in IRDM. BlackRock Inc. raised its stake in Iridium Communications by 67,429.0% during the 1st quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock valued at $122,024,000 after purchasing an additional 12,626,087 shares during the period. Northern Trust Corp lifted its holdings in Iridium Communications by 64.1% in the 2nd quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock worth $22,711,000 after purchasing an additional 803,190 shares in the last quarter. LSV Asset Management lifted its holdings in Iridium Communications by 23.5% in the 2nd quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock worth $44,224,000 after purchasing an additional 761,679 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Iridium Communications by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after purchasing an additional 457,168 shares in the last quarter. Finally, Pinnacle Associates Ltd. lifted its holdings in Iridium Communications by 16.8% in the 2nd quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock worth $35,024,000 after purchasing an additional 455,585 shares in the last quarter.

TRADEMARK VIOLATION NOTICE: “Iridium Communications Inc (IRDM) Sees Significant Decline in Short Interest” was first reported by Watch List News and is the sole property of of Watch List News. If you are viewing this piece of content on another publication, it was illegally copied and reposted in violation of US & international copyright and trademark law. The legal version of this piece of content can be viewed at https://www.watchlistnews.com/iridium-communications-inc-irdm-sees-significant-decline-in-short-interest/1602022.html.

Iridium Communications Company Profile

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.

Receive News & Ratings for Iridium Communications Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.