Iridium Communications (IRDM) Trading Up 6.3%
Iridium Communications Inc (NASDAQ:IRDM) shares were up 6.3% on Wednesday . The company traded as high as $22.13 and last traded at $21.97. Approximately 883,296 shares traded hands during trading, a decline of 13% from the average daily volume of 1,017,315 shares. The stock had previously closed at $20.66.
A number of research analysts have recently weighed in on IRDM shares. BidaskClub downgraded shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Barclays initiated coverage on shares of Iridium Communications in a research report on Tuesday, October 30th. They set an “overweight” rating and a $26.00 target price for the company. Raymond James raised shares of Iridium Communications to a “strong-buy” rating in a report on Thursday, October 11th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a report on Friday, August 3rd. Finally, Northland Securities downgraded shares of Iridium Communications from a “market perform” rating to an “under perform” rating in a report on Monday, September 10th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $21.35.
The firm has a market capitalization of $2.40 billion, a P/E ratio of 31.39 and a beta of 2.00. The company has a current ratio of 1.53, a quick ratio of 1.46 and a debt-to-equity ratio of 1.16.
In related news, COO S. Scott Smith sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $20.06, for a total value of $70,210.00. Following the completion of the transaction, the chief operating officer now directly owns 221,034 shares of the company’s stock, valued at approximately $4,433,942.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Desch sold 274,075 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $21.53, for a total transaction of $5,900,834.75. Following the completion of the transaction, the chief executive officer now directly owns 1,200,754 shares of the company’s stock, valued at $25,852,233.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 312,575 shares of company stock valued at $6,685,500. 5.60% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors bought a new position in Iridium Communications in the 3rd quarter valued at $71,247,000. BlackRock Inc. boosted its holdings in Iridium Communications by 12.6% in the 3rd quarter. BlackRock Inc. now owns 14,029,610 shares of the technology company’s stock valued at $315,666,000 after purchasing an additional 1,568,048 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Iridium Communications by 17.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,331,509 shares of the technology company’s stock valued at $119,955,000 after purchasing an additional 806,061 shares during the period. Renaissance Technologies LLC boosted its holdings in Iridium Communications by 67.5% in the 3rd quarter. Renaissance Technologies LLC now owns 1,739,900 shares of the technology company’s stock valued at $39,148,000 after purchasing an additional 701,300 shares during the period. Finally, Morgan Stanley boosted its holdings in Iridium Communications by 36.1% in the 3rd quarter. Morgan Stanley now owns 1,056,231 shares of the technology company’s stock valued at $23,765,000 after purchasing an additional 279,982 shares during the period. 86.13% of the stock is owned by institutional investors.
WARNING: “Iridium Communications (IRDM) Trading Up 6.3%” was posted by Daily Political and is the property of of Daily Political. If you are reading this story on another publication, it was illegally copied and republished in violation of U.S. and international copyright and trademark laws. The original version of this story can be viewed at https://www.dailypolitical.com/2018/11/21/iridium-communications-irdm-trading-up-6-3.html.
About Iridium Communications (NASDAQ:IRDM)
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of things (IoT) services.
See Also: What are earnings reports?
Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.