Thomas Fitzpatrick Sells 3,331 Shares of Iridium Communications (NASDAQ:IRDM) Stock

Iridium Communications Inc (NASDAQ:IRDM) Director Thomas Fitzpatrick sold 3,331 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $18.00, for a total transaction of $59,958.00. Following the completion of the sale, the director owned 258,670 shares of the company’s stock, valued at $4,656,060. This trade represents a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Thomas Fitzpatrick also recently made the following trade(s):

• On Tuesday, October 28th, Thomas Fitzpatrick sold 6,797 shares of Iridium Communications stock. The shares were sold at an average price of $18.00, for a total transaction of $122,346.00.

Iridium Communications Stock Performance

Iridium Communications stock opened at $17.64 on Friday. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93. The firm has a market capitalization of $1.85 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 1.09 and a beta of 0.70. Iridium Communications Inc has a 1-year low of $16.75 and a 1-year high of $34.45. The company’s 50-day moving average is $19.85 and its 200 day moving average is $24.41.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The firm had revenue of $226.94 million for the quarter, compared to analysts’ expectations of $222.13 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. Research analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IRDM. Morgan Stanley decreased their target price on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, August 1st. Barclays decreased their price objective on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. BWS Financial restated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Friday, October 24th. Weiss Ratings lowered shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Finally, Raymond James Financial lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and lowered their price target for the company from $39.00 to $26.00 in a report on Thursday, September 11th. Six analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.67.

Institutional Trading of Iridium Communications

Several hedge funds and other institutional investors have recently bought and sold shares of IRDM. ARK Investment Management LLC raised its position in shares of Iridium Communications by 95.1% in the 1st quarter. ARK Investment Management LLC now owns 4,891,677 shares of the technology company’s stock worth $133,641,000 after acquiring an additional 2,383,962 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position in Iridium Communications by 37.5% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,889,045 shares of the technology company’s stock valued at $106,210,000 after purchasing an additional 1,061,465 shares in the last quarter. Pacer Advisors Inc. boosted its position in Iridium Communications by 74.5% during the third quarter. Pacer Advisors Inc. now owns 1,744,095 shares of the technology company’s stock valued at $30,452,000 after purchasing an additional 744,836 shares in the last quarter. Synergy Asset Management LLC purchased a new position in Iridium Communications in the second quarter valued at about $19,978,000. Finally, Millennium Management LLC raised its holdings in Iridium Communications by 82.2% in the first quarter. Millennium Management LLC now owns 1,447,889 shares of the technology company’s stock worth $39,556,000 after purchasing an additional 653,201 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.