Insider Selling: Iridium Communications Inc. (NASDAQ:IRDM) Director Sells 3,002 Shares of Stock

Iridium Communications Inc. (NASDAQ:IRDMGet Rating) Director Barry West sold 3,002 shares of Iridium Communications stock in a transaction on Friday, July 29th. The shares were sold at an average price of $44.03, for a total transaction of $132,178.06. Following the completion of the sale, the director now owns 44,423 shares in the company, valued at $1,955,944.69. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $44.79 on Tuesday. The company has a quick ratio of 2.97, a current ratio of 3.23 and a debt-to-equity ratio of 1.33. The company has a 50-day simple moving average of $38.23 and a 200 day simple moving average of $37.75. Iridium Communications Inc. has a 52 week low of $31.73 and a 52 week high of $48.95.

Iridium Communications (NASDAQ:IRDMGet Rating) last announced its earnings results on Tuesday, July 26th. The technology company reported $0.04 EPS for the quarter. The business had revenue of $174.90 million during the quarter, compared to the consensus estimate of $166.46 million. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. Iridium Communications’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, equities analysts forecast that Iridium Communications Inc. will post 0.09 earnings per share for the current fiscal year.

Iridium Communications announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 19th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on IRDM shares. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Tuesday, May 24th. Morgan Stanley restated a “maintains” rating on shares of Iridium Communications in a research note on Wednesday, July 27th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $50.00.

Institutional Trading of Iridium Communications

A number of institutional investors have recently bought and sold shares of IRDM. New York State Teachers Retirement System boosted its holdings in Iridium Communications by 22.1% in the 4th quarter. New York State Teachers Retirement System now owns 84,123 shares of the technology company’s stock valued at $3,473,000 after purchasing an additional 15,198 shares during the period. Van ECK Associates Corp boosted its holdings in Iridium Communications by 12.6% in the 4th quarter. Van ECK Associates Corp now owns 15,719 shares of the technology company’s stock valued at $649,000 after purchasing an additional 1,764 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Iridium Communications by 0.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 58,360 shares of the technology company’s stock valued at $2,410,000 after purchasing an additional 541 shares during the period. State of Michigan Retirement System boosted its holdings in Iridium Communications by 1.2% in the 4th quarter. State of Michigan Retirement System now owns 33,500 shares of the technology company’s stock valued at $1,383,000 after purchasing an additional 400 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Iridium Communications in the 4th quarter valued at about $1,764,000. Institutional investors own 97.98% of the company’s stock.

Iridium Communications Company Profile

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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.

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Insider Buying and Selling by Quarter for Iridium Communications (NASDAQ:IRDM)

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