Iridium Communications Inc. (IRDM) Sees Large Volume Increase
Iridium Communications Inc. (NASDAQ:IRDM) shares saw unusually-high trading volume on Monday . Approximately 1,040,054 shares traded hands during trading, an increase of 67% from the previous session’s volume of 621,930 shares.The stock last traded at $8.46 and had previously closed at $8.41.
IRDM has been the subject of several recent research reports. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. TheStreet raised 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 of $8.83 and a 200-day moving average of $8.18. The firm’s market capitalization is $809.00 million.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by $0.03. The business earned $109.20 million during the quarter, compared to the consensus estimate of $107.34 million. During the same quarter in the previous year, the company earned $0.21 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts expect that Iridium Communications Inc. will post $0.86 EPS for the current fiscal year.
A hedge fund recently raised its stake in Iridium Communications stock. Rhumbline Advisers raised its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 121,921 shares of the company’s stock after buying an additional 4,395 shares during the period. Rhumbline Advisers owned about 0.13% of Iridium Communications worth $1,025,000 as of its most recent filing with the SEC.
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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