Iridium Communications Inc (IRDM) Trading 5.8% Higher
Iridium Communications Inc (NASDAQ:IRDM)’s share price traded up 5.8% during mid-day trading on Monday . The company traded as high as $10.93 and last traded at $10.90. 849,877 shares were traded during trading, an increase of 19% from the average session volume of 714,619 shares. The stock had previously closed at $10.30.
Several equities analysts have recently issued reports on IRDM shares. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Wednesday, September 27th. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Drexel Hamilton restated a “buy” rating and issued a $14.00 price objective on shares of Iridium Communications in a report on Thursday, August 31st. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a report on Thursday, August 17th. Finally, BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $12.50.
The firm has a market cap of $1.07 billion, a P/E ratio of 11.76 and a beta of 1.71. The stock has a 50-day moving average of $10.24 and a 200 day moving average of $10.32.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The business had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. During the same quarter last year, the business posted $0.22 earnings per share. Iridium Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts expect that Iridium Communications Inc will post $0.80 earnings per share for the current fiscal year.
In other news, COO S. Scott Smith sold 135,000 shares of Iridium Communications stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total value of $1,418,850.00. Following the completion of the sale, the chief operating officer now directly owns 309,000 shares of the company’s stock, valued at approximately $3,247,590. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.40% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Flinton Capital Management LLC boosted its holdings in Iridium Communications by 80.6% in the second quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock valued at $101,000 after acquiring an additional 4,060 shares during the last quarter. Thompson Davis & CO. Inc. acquired a new stake in Iridium Communications in the second quarter worth about $102,000. PNC Financial Services Group Inc. increased its position in Iridium Communications by 15.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock worth $109,000 after purchasing an additional 1,303 shares during the period. Trexquant Investment LP acquired a new stake in Iridium Communications in the first quarter worth about $115,000. Finally, Everence Capital Management Inc. acquired a new stake in Iridium Communications in the second quarter worth about $116,000.
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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