Trexquant Investment LP Boosts Stock Position in Iridium Communications Inc. (NASDAQ:IRDM)

Trexquant Investment LP boosted its holdings in Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) by 47.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,215 shares of the technology company’s stock after buying an additional 8,719 shares during the quarter. Trexquant Investment LP’s holdings in Iridium Communications were worth $1,208,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of IRDM. SeaCrest Wealth Management LLC purchased a new position in Iridium Communications in the second quarter valued at $38,000. Wipfli Financial Advisors LLC purchased a new position in shares of Iridium Communications during the third quarter worth about $65,000. CWM LLC grew its holdings in shares of Iridium Communications by 101.2% during the third quarter. CWM LLC now owns 1,463 shares of the technology company’s stock worth $65,000 after buying an additional 736 shares during the last quarter. Brave Asset Management Inc. purchased a new position in shares of Iridium Communications during the third quarter worth about $200,000. Finally, Edgestream Partners L.P. purchased a new position in shares of Iridium Communications during the third quarter worth about $202,000. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $59.47 on Tuesday. The company has a quick ratio of 1.88, a current ratio of 2.16 and a debt-to-equity ratio of 1.30. The company has a market cap of $7.49 billion, a P/E ratio of 849.69 and a beta of 1.11. Iridium Communications Inc. has a 52 week low of $32.88 and a 52 week high of $65.41. The company has a 50-day moving average price of $59.59 and a 200 day moving average price of $52.47.

Iridium Communications (NASDAQ:IRDM – Get Rating) last posted its quarterly earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share (EPS) for the quarter. Iridium Communications had a net margin of 1.21% and a return on equity of 0.75%. The company had revenue of $193.80 million for the quarter, compared to analyst estimates of $172.52 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. Iridium Communications’s revenue was up 24.3% on a year-over-year basis. Research analysts predict that Iridium Communications Inc. will post 0.09 earnings per share for the current year.

Insider Activity

In other news, Director Thomas C. Canfield sold 10,036 shares of Iridium Communications stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $61.03, for a total transaction of $612,497.08. Following the completion of the sale, the director now directly owns 190,587 shares in the company, valued at approximately $11,631,524.61. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Thomas C. Canfield sold 10,036 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $61.03, for a total transaction of $612,497.08. Following the completion of the transaction, the director now directly owns 190,587 shares of the company’s stock, valued at approximately $11,631,524.61. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Suzanne E. Mcbride sold 4,669 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $60.65, for a total transaction of $283,174.85. Following the transaction, the insider now directly owns 135,091 shares of the company’s stock, valued at $8,193,269.15. The disclosure for this sale can be found here. In the last three months, insiders sold 186,877 shares of company stock worth $11,302,704. Company insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on IRDM shares. StockNews.com lowered Iridium Communications from a “buy” rating to a “hold” rating in a report on Friday, February 17th. BWS Financial raised their price target on Iridium Communications from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, January 9th. Finally, Raymond James raised their price objective on shares of Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a research report on Friday, February 17th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.75.

About Iridium Communications

(Get Rating)

Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.