Iridium Communications Inc. (NASDAQ:IRDM) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $9.37 and last traded at $9.24, with a volume of 150,318 shares changing hands. The stock had previously closed at $9.26.

A number of brokerages recently issued reports on IRDM. TheStreet upgraded Iridium Communications from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th. Zacks Investment Research downgraded Iridium Communications from a “hold” rating to a “sell” rating in a report on Wednesday, June 29th.

The firm’s 50 day moving average is $8.59 and its 200-day moving average is $7.81. The stock’s market cap is $871.60 million.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 28th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.18 by $0.05. The company had revenue of $104.20 million for the quarter, compared to the consensus estimate of $104.04 million. During the same period last year, the company earned $0.17 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. Equities analysts anticipate that Iridium Communications Inc. will post $0.87 earnings per share for the current year.

Other hedge funds and institutional investors recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its position 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 valued at $1,280,000 after buying an additional 2,660 shares during the period. First Trust Advisors LP increased its position in Iridium Communications by 15.8% in the fourth quarter. First Trust Advisors LP now owns 425,577 shares of the company’s stock valued at $3,579,000 after buying an additional 57,953 shares during the period. Rhumbline Advisers increased its position in Iridium Communications by 3.7% in the fourth quarter. Rhumbline Advisers now owns 121,921 shares of the company’s stock valued at $1,025,000 after buying an additional 4,395 shares during the period. Finally, California Public Employees Retirement System increased its position 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 valued at $5,382,000 after buying an additional 30,100 shares during the period.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.