Iridium Communications Inc. (NASDAQ:IRDM) shares shot up 2.1% on Wednesday . The company traded as high as $8.85 and last traded at $8.78, with a volume of 510,852 shares changing hands. The stock had previously closed at $8.60.

A number of research firms recently weighed in on IRDM. Zacks Investment Research lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. TheStreet upgraded shares of Iridium Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, May 25th.

The company’s 50-day moving average price is $8.85 and its 200-day moving average price is $8.12. The stock’s market capitalization is $837.21 million.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.03. The firm had revenue of $109.20 million for the quarter, compared to analysts’ expectations of $107.34 million. During the same quarter last year, the firm posted $0.21 EPS. The firm’s revenue was up 7.2% on a year-over-year basis. Equities research analysts anticipate that Iridium Communications Inc. will post $0.86 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Iridium Communications stock. Rhumbline Advisers boosted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 121,921 shares of the company’s stock after buying an additional 4,395 shares during the period. Rhumbline Advisers owned approximately 0.13% of Iridium Communications worth $1,025,000 as of its most recent SEC filing.

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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