Malaga Cove Capital LLC Purchases 6,274 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Malaga Cove Capital LLC lifted its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 121.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,425 shares of the technology company’s stock after acquiring an additional 6,274 shares during the period. Malaga Cove Capital LLC’s holdings in Iridium Communications were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its holdings in shares of Iridium Communications by 25.3% during the third quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company’s stock valued at $365,000 after purchasing an additional 1,622 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Iridium Communications by 2.8% in the 3rd quarter. New York State Teachers Retirement System now owns 118,041 shares of the technology company’s stock worth $5,370,000 after buying an additional 3,215 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Iridium Communications by 18.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,177 shares of the technology company’s stock worth $1,009,000 after buying an additional 3,494 shares during the last quarter. Inspire Investing LLC increased its position in Iridium Communications by 28.8% during the third quarter. Inspire Investing LLC now owns 7,454 shares of the technology company’s stock valued at $339,000 after acquiring an additional 1,668 shares during the last quarter. Finally, Skylands Capital LLC bought a new position in Iridium Communications in the third quarter valued at about $2,434,000. 84.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays boosted their price target on Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Raymond James cut their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd. Finally, William Blair lowered Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.75.

Iridium Communications Price Performance

Shares of Iridium Communications stock traded down $0.66 during trading hours on Friday, hitting $30.32. The company’s stock had a trading volume of 765,521 shares, compared to its average volume of 1,391,440. The company has a market cap of $3.68 billion, a PE ratio of 144.38 and a beta of 0.78. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The business has a 50 day moving average price of $27.48 and a two-hundred day moving average price of $33.93. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $65.12.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million for the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the previous year, the firm earned $0.08 EPS. The firm’s revenue was down .7% compared to the same quarter last year. Analysts expect that Iridium Communications Inc. will post 0.73 earnings per share for the current fiscal year.

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.