Cantor Fitzgerald Begins Coverage on Iridium Communications (NASDAQ:IRDM)

Equities research analysts at Cantor Fitzgerald began coverage on shares of Iridium Communications (NASDAQ:IRDM) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $40.00 price target on the technology company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 36.01% from the stock’s previous close.

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.75.

Iridium Communications Trading Up 1.0 %

Shares of IRDM stock opened at $29.41 on Friday. The business has a 50-day moving average of $29.26 and a 200 day moving average of $28.57. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $38.08. The stock has a market capitalization of $3.35 billion, a PE ratio of 31.29 and a beta of 0.65.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,977 shares of company stock worth $488,593. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Iridium Communications

Hedge funds have recently made changes to their positions in the company. FMR LLC lifted its position in Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after buying an additional 198,360 shares during the period. Weiss Asset Management LP purchased a new position in Iridium Communications during the 3rd quarter valued at about $4,614,000. Barclays PLC boosted its stake in Iridium Communications by 19.2% during the third quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock worth $26,093,000 after acquiring an additional 137,924 shares in the last quarter. Algert Global LLC grew its holdings in Iridium Communications by 54.0% in the third quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock worth $11,118,000 after purchasing an additional 128,018 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of Iridium Communications by 237.6% during the third quarter. Janus Henderson Group PLC now owns 175,677 shares of the technology company’s stock valued at $5,349,000 after purchasing an additional 123,638 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors.

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.