Iridium Communications Inc (NASDAQ:IRDM) CEO Matthew J. Desch sold 200,000 shares of Iridium Communications stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $28.50, for a total value of $5,700,000.00. Following the completion of the sale, the chief executive officer now owns 1,061,846 shares in the company, valued at $30,262,611. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of NASDAQ:IRDM opened at $27.39 on Friday. Iridium Communications Inc has a 52-week low of $16.87 and a 52-week high of $32.08. The firm has a market capitalization of $3.62 billion, a P/E ratio of -21.23 and a beta of 1.41. The stock has a 50 day moving average price of $26.13 and a 200-day moving average price of $24.99. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.60 and a current ratio of 2.25.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.05. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The firm had revenue of $140.17 million during the quarter, compared to analyst estimates of $136.76 million. During the same quarter in the prior year, the company earned ($0.16) EPS. The business’s revenue was down 2.0% compared to the same quarter last year. On average, equities analysts forecast that Iridium Communications Inc will post -0.48 EPS for the current fiscal year.
Large investors have recently made changes to their positions in the company. Jaffetilchin Investment Partners LLC bought a new position in shares of Iridium Communications in the 2nd quarter worth approximately $70,000. Mutual of America Capital Management LLC increased its position in Iridium Communications by 22.7% during the 1st quarter. Mutual of America Capital Management LLC now owns 4,195 shares of the technology company’s stock valued at $94,000 after buying an additional 776 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in Iridium Communications by 80.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,645 shares of the technology company’s stock valued at $104,000 after buying an additional 2,072 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Iridium Communications by 16.6% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,388 shares of the technology company’s stock valued at $120,000 after buying an additional 766 shares in the last quarter. Finally, CWM Advisors LLC bought a new position in Iridium Communications during the 1st quarter valued at approximately $201,000. 81.77% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently commented on IRDM shares. Zacks Investment Research lowered Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 price target for the company. in a research note on Monday, June 15th. Barclays dropped their target price on shares of Iridium Communications from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Raymond James boosted their price target on shares of Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, BidaskClub raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $30.40.
Iridium Communications Company Profile
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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