ARK Investment Management LLC Has $113.32 Million Stock Position in Iridium Communications Inc $IRDM

ARK Investment Management LLC increased its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 21.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,490,108 shares of the technology company’s stock after purchasing an additional 1,156,580 shares during the quarter. ARK Investment Management LLC owned 6.20% of Iridium Communications worth $113,317,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in Iridium Communications by 118.7% during the third quarter. Victory Capital Management Inc. now owns 249,593 shares of the technology company’s stock worth $4,358,000 after purchasing an additional 135,445 shares during the last quarter. Elo Mutual Pension Insurance Co raised its holdings in shares of Iridium Communications by 173.6% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 75,043 shares of the technology company’s stock worth $1,310,000 after buying an additional 47,612 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Iridium Communications by 9.0% during the 3rd quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock worth $50,266,000 after buying an additional 238,244 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Iridium Communications in the third quarter valued at about $384,000. Finally, Aster Capital Management DIFC Ltd bought a new position in Iridium Communications in the third quarter valued at about $46,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IRDM. Morgan Stanley raised their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. BWS Financial reaffirmed a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a research note on Tuesday, February 17th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Iridium Communications in a research note on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Hold” and an average price target of $25.40.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $24.51 on Thursday. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48. Iridium Communications Inc has a fifty-two week low of $15.65 and a fifty-two week high of $33.34. The company has a 50 day simple moving average of $20.52 and a two-hundred day simple moving average of $19.47. The company has a market capitalization of $2.57 billion, a PE ratio of 23.12, a P/E/G ratio of 1.64 and a beta of 0.60.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the company posted $0.32 EPS. Research analysts anticipate that Iridium Communications Inc will post 0.89 earnings per share for the current year.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.