Iridium Communications Inc. (IRDM) Sets New 12-Month High at $9.05
Shares of Iridium Communications Inc. (NASDAQ:IRDM) hit a new 52-week high on Friday . The stock traded as high as $9.05 and last traded at $8.86, with a volume of 410,325 shares traded. The stock had previously closed at $8.77.
Several analysts recently weighed in on IRDM shares. Zacks Investment Research downgraded Iridium Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th. TheStreet upgraded Iridium Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, May 25th.
The stock’s market capitalization is $849.16 million. The stock has a 50-day moving average price of $8.55 and a 200 day moving average price of $7.80.
Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, April 28th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. The firm earned $104.20 million during the quarter, compared to analysts’ expectations of $104.04 million. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. Equities analysts forecast that Iridium Communications Inc. will post $0.87 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System increased its stake in Iridium Communications by 4.9% in the fourth quarter. California Public Employees Retirement System now owns 640,000 shares of the company’s stock worth $5,382,000 after buying an additional 30,100 shares in the last quarter. Rhumbline Advisers increased its stake in Iridium Communications by 3.7% in the fourth quarter. Rhumbline Advisers now owns 121,921 shares of the company’s stock worth $1,025,000 after buying an additional 4,395 shares in the last quarter. First Trust Advisors LP increased its stake in Iridium Communications by 15.8% in the fourth quarter. First Trust Advisors LP now owns 425,577 shares of the company’s stock worth $3,579,000 after buying an additional 57,953 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in Iridium Communications by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 152,185 shares of the company’s stock worth $1,280,000 after buying an additional 2,660 shares in the last quarter.
Iridium Communications Inc is a satellite communications company that offers mobile voice and data communications services. The Company utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. Its lines of business include land mobile, machine to machine, maritime, aviation and government.
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