Iridium Communications Inc. (IRDM) Shares Up 0.9%
Iridium Communications Inc. (NASDAQ:IRDM) shares shot up 0.9% during trading on Tuesday . The company traded as high as $9.13 and last traded at $9.03, with a volume of 196,858 shares changing hands. The stock had previously closed at $8.95.
A number of research firms have commented on IRDM. TheStreet raised shares of Iridium Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, May 25th. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th.
The firm’s market cap is $856.80 million. The stock 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 results on Thursday, April 28th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The firm earned $104.20 million during the quarter, compared to analysts’ expectations of $104.04 million. During the same quarter in the prior year, the business earned $0.17 EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. Equities analysts expect that Iridium Communications Inc. will post $0.87 EPS for the current fiscal year.
Several hedge funds and institutional investors have recently made changes to their positions in IRDM. California State Teachers Retirement System boosted its position 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 worth $1,280,000 after buying an additional 2,660 shares in the last quarter. Rhumbline Advisers boosted 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. California Public Employees Retirement System boosted 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. Finally, First Trust Advisors LP boosted 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.
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.