Iridium Communications Inc (NASDAQ:IRDM – Get Free Report) saw a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 4,367,799 shares, a decline of 54.0% from the June 15th total of 9,488,045 shares. Based on an average daily volume of 4,207,739 shares, the short-interest ratio is currently 1.0 days. Currently, 4.2% of the shares of the stock are short sold.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of IRDM. Tema ETFs LLC bought a new position in shares of Iridium Communications during the second quarter valued at approximately $16,961,000. Brave Asset Management Inc. bought a new stake in shares of Iridium Communications during the 2nd quarter worth approximately $247,000. GAMMA Investing LLC lifted its stake in shares of Iridium Communications by 19.4% during the 2nd quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock worth $166,000 after acquiring an additional 491 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Iridium Communications by 789.1% during the 1st quarter. Parallel Advisors LLC now owns 7,042 shares of the technology company’s stock valued at $195,000 after acquiring an additional 6,250 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in Iridium Communications by 11,143.3% during the 1st quarter. NewEdge Advisors LLC now owns 45,198 shares of the technology company’s stock valued at $1,254,000 after acquiring an additional 44,796 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.
Iridium Communications Trading Down 0.4%
IRDM traded down $0.19 during trading on Wednesday, reaching $48.67. The company had a trading volume of 1,560,329 shares, compared to its average volume of 2,512,345. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The business has a 50 day simple moving average of $47.19 and a 200-day simple moving average of $33.33. The stock has a market cap of $5.15 billion, a P/E ratio of 49.16, a PEG ratio of 2.89 and a beta of 0.87. Iridium Communications has a 52 week low of $15.65 and a 52 week high of $57.18.
Iridium Communications Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s dividend payout ratio is 60.61%.
Analyst Upgrades and Downgrades
Several equities analysts have commented on IRDM shares. New Street Research assumed coverage on shares of Iridium Communications in a research report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective for the company. Barclays boosted their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Weiss Ratings restated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Finally, Morgan Stanley lifted their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Iridium Communications presently has a consensus rating of “Hold” and an average target price of $38.67.
Read Our Latest Stock Report on Iridium Communications
Iridium Communications Company Profile
Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).
Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.
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