Iridium Communications Inc (NASDAQ:IRDM) CFO Thomas Fitzpatrick sold 100,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $28.00, for a total transaction of $2,800,000.00. Following the completion of the transaction, the chief financial officer now directly owns 454,285 shares of the company’s stock, valued at approximately $12,719,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
IRDM stock opened at $27.39 on Friday. The firm has a market cap of $3.62 billion, a PE ratio of -21.23 and a beta of 1.41. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.60 and a current ratio of 2.25. The firm’s fifty day moving average is $26.13 and its 200 day moving average is $24.99. Iridium Communications Inc has a one year low of $16.87 and a one year high of $32.08.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 28th. The technology company reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.05. The company had revenue of $140.17 million for the quarter, compared to analyst estimates of $136.76 million. Iridium Communications had a negative net margin of 29.87% and a negative return on equity of 3.97%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.16) earnings per share. Research analysts predict that Iridium Communications Inc will post -0.48 earnings per share for the current fiscal year.
A number of research firms have issued reports on IRDM. Raymond James raised their price target on shares of Iridium Communications from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays cut their price objective on shares of Iridium Communications from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. BidaskClub upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Finally, Zacks Investment Research lowered shares of Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 price objective on the stock. in a research note on Monday, June 15th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $30.40.
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in Iridium Communications by 307.7% during the first quarter. JPMorgan Chase & Co. now owns 223,926 shares of the technology company’s stock valued at $5,002,000 after buying an additional 169,004 shares during the period. Bank of New York Mellon Corp grew its position in Iridium Communications by 0.8% during the first quarter. Bank of New York Mellon Corp now owns 1,069,622 shares of the technology company’s stock valued at $23,884,000 after buying an additional 8,382 shares during the period. State of Alaska Department of Revenue lifted its holdings in Iridium Communications by 7.2% during the second quarter. State of Alaska Department of Revenue now owns 92,298 shares of the technology company’s stock valued at $2,348,000 after purchasing an additional 6,180 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Iridium Communications by 5.3% during the first quarter. Thrivent Financial for Lutherans now owns 81,303 shares of the technology company’s stock valued at $1,816,000 after purchasing an additional 4,059 shares in the last quarter. Finally, State of Tennessee Treasury Department lifted its holdings in Iridium Communications by 35.4% during the first quarter. State of Tennessee Treasury Department now owns 54,462 shares of the technology company’s stock valued at $1,216,000 after purchasing an additional 14,251 shares in the last quarter. Institutional investors own 81.77% of the company’s stock.
About Iridium Communications
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.
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