Iridium Communications Inc. (NASDAQ:IRDM) dropped 1.1% on Monday . The stock traded as low as $8.94 and last traded at $9.00, with a volume of 234,196 shares. The stock had previously closed at $9.10.

IRDM has been the subject of a number of recent analyst reports. 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 company’s market cap is $854.89 million. The company has a 50 day moving average of $8.63 and a 200-day moving average of $7.81.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 28th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.05. During the same period last year, the business posted $0.17 EPS. The firm earned $104.20 million during the quarter, compared to analysts’ expectations of $104.04 million. The company’s revenue was up 7.4% compared to the same quarter last year. On average, analysts anticipate that Iridium Communications Inc. will post $0.87 EPS for the current fiscal 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 shares of 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 last quarter. California State Teachers Retirement System increased its stake in shares of 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 last quarter. Rhumbline Advisers increased its stake in shares of 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 last quarter. Finally, First Trust Advisors LP increased its stake in shares of 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 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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