Entropy Technologies LP Purchases 7,509 Shares of Iridium Communications Inc $IRDM

Entropy Technologies LP increased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 86.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 16,193 shares of the technology company’s stock after purchasing an additional 7,509 shares during the period. Entropy Technologies LP’s holdings in Iridium Communications were worth $489,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Inspire Advisors LLC bought a new position in shares of Iridium Communications in the 2nd quarter valued at about $202,000. Cetera Investment Advisers grew its holdings in Iridium Communications by 16.0% during the second quarter. Cetera Investment Advisers now owns 10,106 shares of the technology company’s stock worth $305,000 after purchasing an additional 1,392 shares during the period. Intech Investment Management LLC increased its position in Iridium Communications by 0.7% during the second quarter. Intech Investment Management LLC now owns 66,921 shares of the technology company’s stock worth $2,019,000 after buying an additional 473 shares during the last quarter. SG Americas Securities LLC increased its position in Iridium Communications by 14.2% during the second quarter. SG Americas Securities LLC now owns 20,675 shares of the technology company’s stock worth $624,000 after buying an additional 2,566 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in Iridium Communications by 37.8% in the second quarter. Jupiter Asset Management Ltd. now owns 355,002 shares of the technology company’s stock valued at $10,710,000 after buying an additional 97,313 shares during the period. 84.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. BWS Financial reissued a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a report on Friday, October 24th. Morgan Stanley reduced their price objective on shares of 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 on the stock in a report on Wednesday, October 1st. Raymond James Financial cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $39.00 to $26.00 in a research note on Thursday, September 11th. Finally, Weiss Ratings downgraded shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Six investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.67.

Iridium Communications Stock Up 1.7%

IRDM opened at $16.32 on Tuesday. The stock has a fifty day moving average of $17.87 and a 200-day moving average of $23.54. The company has a market capitalization of $1.71 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.09 and a beta of 0.72. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $34.45. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The business had revenue of $226.94 million for the quarter, compared to analyst estimates of $222.13 million. During the same period last year, the firm earned $0.21 earnings per share. Iridium Communications’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts expect that Iridium Communications Inc will post 0.89 EPS for the current year.

Insider Transactions at Iridium Communications

In related news, CEO Matthew J. Desch bought 20,000 shares of the business’s stock in a transaction dated Thursday, October 30th. The stock was purchased at an average cost of $17.33 per share, for a total transaction of $346,600.00. Following the transaction, the chief executive officer owned 1,127,019 shares in the company, valued at $19,531,239.27. The trade was a 1.81% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Niehaus bought 30,000 shares of Iridium Communications stock in a transaction dated Tuesday, October 28th. The shares were bought at an average cost of $17.49 per share, for a total transaction of $524,700.00. Following the completion of the acquisition, the director owned 297,363 shares in the company, valued at $5,200,878.87. This represents a 11.22% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have sold 30,967 shares of company stock valued at $557,406. 2.40% of the stock is currently owned by company insiders.

Iridium Communications 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.