Iridium Communications Inc (NASDAQ:IRDM) CEO Matthew J. Desch sold 200,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $28.50, for a total value of $5,700,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,061,846 shares in the company, valued at approximately $30,262,611. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

IRDM opened at $27.69 on Friday. The stock’s 50-day moving average price is $26.11 and its 200 day moving average price is $24.98. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.60. Iridium Communications Inc has a 12-month low of $16.87 and a 12-month high of $32.08.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.05. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The company had revenue of $140.17 million for the quarter, compared to the consensus estimate of $136.76 million. During the same quarter in the prior year, the business earned ($0.16) EPS. Iridium Communications’s revenue was down 2.0% on a year-over-year basis. Analysts expect that Iridium Communications Inc will post -0.49 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in Iridium Communications by 307.7% during the 1st quarter. JPMorgan Chase & Co. now owns 223,926 shares of the technology company’s stock worth $5,002,000 after purchasing an additional 169,004 shares during the period. Bank of New York Mellon Corp increased its holdings in Iridium Communications by 0.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,069,622 shares of the technology company’s stock worth $23,884,000 after purchasing an additional 8,382 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Iridium Communications by 7.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 92,298 shares of the technology company’s stock valued at $2,348,000 after acquiring an additional 6,180 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Iridium Communications by 5.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 81,303 shares of the technology company’s stock valued at $1,816,000 after acquiring an additional 4,059 shares during the last quarter. Finally, State of Tennessee Treasury Department increased its holdings in shares of Iridium Communications by 35.4% in the 1st quarter. State of Tennessee Treasury Department now owns 54,462 shares of the technology company’s stock valued at $1,216,000 after acquiring an additional 14,251 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Several brokerages have recently commented on IRDM. Barclays decreased their price target on Iridium Communications from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Zacks Investment Research lowered Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research note on Monday, June 15th. Raymond James increased their target price on Iridium Communications from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $30.40.

Iridium Communications Company Profile

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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