Iridium Communications Inc (NASDAQ:IRDM)’s share price reached a new 52-week high on Thursday . The company traded as high as $21.98 and last traded at $21.82, with a volume of 28668 shares. The stock had previously closed at $20.45.

IRDM has been the subject of a number of recent research reports. BidaskClub downgraded Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 26th. Zacks Investment Research downgraded Iridium Communications from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 4th. Northland Securities reaffirmed a “hold” rating and set a $14.75 price target on shares of Iridium Communications in a research report on Wednesday, August 1st. Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a research report on Monday, August 27th. Finally, ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and two have assigned a strong buy rating to the stock. Iridium Communications currently has an average rating of “Buy” and an average target price of $17.44.

The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 31.14 and a beta of 1.84. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, July 31st. The technology company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $134.93 million during the quarter, compared to the consensus estimate of $120.54 million. Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 EPS. equities research analysts predict that Iridium Communications Inc will post -0.14 earnings per share for the current year.

In other news, EVP Bryan J. Hartin sold 29,655 shares of the stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $19.23, for a total value of $570,265.65. Following the completion of the sale, the executive vice president now owns 94,168 shares of the company’s stock, valued at approximately $1,810,850.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas D. Hickey sold 13,455 shares of the stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $18.86, for a total value of $253,761.30. Following the completion of the sale, the insider now directly owns 125,820 shares of the company’s stock, valued at approximately $2,372,965.20. The disclosure for this sale can be found here. In the last three months, insiders sold 93,871 shares of company stock valued at $1,845,976. 5.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in shares of Iridium Communications by 46,545.5% in the 2nd quarter. Sei Investments Co. now owns 71,834 shares of the technology company’s stock valued at $1,156,000 after buying an additional 71,680 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in shares of Iridium Communications in the 2nd quarter valued at approximately $2,617,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Iridium Communications by 90.0% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 24,228 shares of the technology company’s stock valued at $390,000 after buying an additional 11,478 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Iridium Communications by 4.4% in the 2nd quarter. Wells Fargo & Company MN now owns 875,085 shares of the technology company’s stock valued at $14,090,000 after buying an additional 36,740 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Iridium Communications by 9.6% in the 2nd quarter. First Trust Advisors LP now owns 215,680 shares of the technology company’s stock valued at $3,472,000 after buying an additional 18,872 shares during the last quarter. 86.23% of the stock is owned by institutional investors.

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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