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

A number of analysts have recently issued reports on the company. Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. TheStreet upgraded Iridium Communications from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th.

The stock has a 50 day moving average price of $8.85 and a 200 day moving average price of $8.13. The stock’s market capitalization is $822.39 million.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 28th. The company reported $0.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The company earned $109.20 million during the quarter, compared to analyst estimates of $107.34 million. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 earnings per share. On average, equities analysts expect 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 increased its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 0.13% of Iridium Communications worth $1,025,000 at the end of the most recent 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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