Iridium Communications (NASDAQ:IRDM) Stock Price Down 6.2%

Iridium Communications Inc. (NASDAQ:IRDMGet Rating)’s share price fell 6.2% during trading on Friday . The company traded as low as $49.34 and last traded at $49.66. 21,811 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 617,590 shares. The stock had previously closed at $52.97.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IRDM. Morgan Stanley raised their price objective on Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, October 17th. Barclays cut Iridium Communications from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $48.00 to $45.00 in a research note on Wednesday, October 19th. Raymond James raised their price objective on Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Friday, October 21st. Finally, StockNews.com cut Iridium Communications from a “buy” rating to a “hold” rating in a research note on Friday, October 21st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Moderate Buy” and an average price target of $53.25.

Iridium Communications Stock Performance

The company has a market cap of $6.23 billion, a PE ratio of 1,240.56 and a beta of 1.13. The company has a quick ratio of 2.52, a current ratio of 2.82 and a debt-to-equity ratio of 1.37. The company has a 50-day moving average of $47.30 and a 200-day moving average of $42.21.

Iridium Communications (NASDAQ:IRDMGet Rating) last announced its earnings results on Thursday, October 20th. The technology company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02. The company had revenue of $184.04 million for the quarter, compared to analysts’ expectations of $180.91 million. Iridium Communications had a return on equity of 0.30% and a net margin of 0.53%. Iridium Communications’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. As a group, analysts anticipate that Iridium Communications Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, Director A B. Krongard sold 115,000 shares of Iridium Communications stock in a transaction on Friday, August 19th. The stock was sold at an average price of $45.39, for a total transaction of $5,219,850.00. Following the sale, the director now directly owns 116,851 shares in the company, valued at $5,303,866.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director A B. Krongard sold 115,000 shares of Iridium Communications stock in a transaction on Friday, August 19th. The stock was sold at an average price of $45.39, for a total transaction of $5,219,850.00. Following the sale, the director now directly owns 116,851 shares in the company, valued at $5,303,866.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Timothy Kapalka sold 6,250 shares of Iridium Communications stock in a transaction on Monday, November 7th. The stock was sold at an average price of $52.50, for a total value of $328,125.00. Following the sale, the chief accounting officer now owns 19,896 shares in the company, valued at $1,044,540. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,948 shares of company stock worth $8,237,174. 2.50% of the stock is owned by company insiders.

Institutional Trading of Iridium Communications

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Iridium Communications by 0.5% in the first quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock valued at $634,635,000 after buying an additional 71,031 shares during the period. Vanguard Group Inc. raised its stake in shares of Iridium Communications by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 12,170,180 shares of the technology company’s stock valued at $490,703,000 after purchasing an additional 33,082 shares during the period. Capital International Investors raised its stake in shares of Iridium Communications by 0.4% during the 1st quarter. Capital International Investors now owns 7,722,754 shares of the technology company’s stock valued at $311,381,000 after purchasing an additional 26,978 shares during the period. State Street Corp raised its stake in shares of Iridium Communications by 5.9% during the 2nd quarter. State Street Corp now owns 5,010,778 shares of the technology company’s stock valued at $188,205,000 after purchasing an additional 277,744 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Iridium Communications by 7.6% during the 1st quarter. Invesco Ltd. now owns 2,756,866 shares of the technology company’s stock valued at $111,157,000 after purchasing an additional 195,093 shares during the period. 85.69% of the stock is currently owned by institutional investors.

Iridium Communications Company Profile

(Get Rating)

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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