Iridium Communications (NASDAQ:IRDM) Raised to “Buy” at BidaskClub
Other research analysts also recently issued reports about the company. Raymond James restated an outperform rating and set a C$44.00 price objective on shares of Teck Resources in a research report on Wednesday, April 24th. Northland Securities restated a sell rating and set a $14.00 price objective on shares of Iridium Communications in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $23.50.
IRDM stock opened at $24.46 on Tuesday. The firm’s 50 day moving average is $22.95. Iridium Communications has a 12-month low of $16.64 and a 12-month high of $28.24. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.05 and a quick ratio of 0.96.
In related news, CFO Thomas Fitzpatrick sold 244,778 shares of Iridium Communications stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $27.07, for a total transaction of $6,626,140.46. Following the completion of the transaction, the chief financial officer now directly owns 574,128 shares in the company, valued at approximately $15,541,644.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bryan J. Hartin sold 103,000 shares of Iridium Communications stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $27.13, for a total value of $2,794,390.00. Following the transaction, the executive vice president now owns 192,562 shares of the company’s stock, valued at $5,224,207.06. The disclosure for this sale can be found here. Insiders have sold a total of 431,289 shares of company stock valued at $11,683,679 over the last 90 days. Insiders own 5.00% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Osborn Williams & Donohoe LLC acquired a new position in shares of Iridium Communications during the 1st quarter worth approximately $56,000. Strs Ohio acquired a new position in Iridium Communications in the 1st quarter valued at $55,000. Creative Financial Designs Inc. ADV raised its holdings in Iridium Communications by 18.3% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 2,780 shares of the technology company’s stock valued at $74,000 after acquiring an additional 430 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Iridium Communications by 427.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the technology company’s stock valued at $82,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Iridium Communications in the 4th quarter valued at $116,000. Hedge funds and other institutional investors own 84.41% of the company’s stock.
About Iridium Communications
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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