Eqis Capital Management Inc. Purchases 1,281 Shares of Iridium Communications Inc (NASDAQ:IRDM)

Eqis Capital Management Inc. grew its position in shares of Iridium Communications Inc (NASDAQ:IRDM) by 7.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,601 shares of the technology company’s stock after acquiring an additional 1,281 shares during the quarter. Eqis Capital Management Inc.’s holdings in Iridium Communications were worth $375,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRDM. BB&T Securities LLC grew its holdings in Iridium Communications by 11.1% during the second quarter. BB&T Securities LLC now owns 84,718 shares of the technology company’s stock worth $1,970,000 after buying an additional 8,490 shares in the last quarter. Comerica Bank boosted its position in Iridium Communications by 0.7% in the third quarter. Comerica Bank now owns 90,933 shares of the technology company’s stock worth $2,211,000 after purchasing an additional 637 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Iridium Communications by 101.8% in the second quarter. Allianz Asset Management GmbH now owns 140,808 shares of the technology company’s stock worth $3,276,000 after purchasing an additional 71,017 shares during the last quarter. Advisor Group Inc. boosted its position in Iridium Communications by 181.4% in the second quarter. Advisor Group Inc. now owns 21,596 shares of the technology company’s stock worth $502,000 after purchasing an additional 13,921 shares during the last quarter. Finally, Silver Heights Capital Management Inc boosted its position in Iridium Communications by 0.8% in the second quarter. Silver Heights Capital Management Inc now owns 2,998,275 shares of the technology company’s stock worth $69,740,000 after purchasing an additional 24,730 shares during the last quarter. Hedge funds and other institutional investors own 76.70% of the company’s stock.

In other Iridium Communications news, VP Timothy Kapalka sold 25,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $25.80, for a total value of $645,000.00. Following the completion of the sale, the vice president now owns 47,138 shares in the company, valued at approximately $1,216,160.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven B. Pfeiffer sold 8,861 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $24.48, for a total value of $216,917.28. Following the completion of the sale, the director now owns 110,792 shares of the company’s stock, valued at approximately $2,712,188.16. The disclosure for this sale can be found here. Insiders have sold a total of 146,677 shares of company stock worth $3,724,059 over the last quarter. Corporate insiders own 5.00% of the company’s stock.

Shares of NASDAQ IRDM opened at $24.32 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.91 and a quick ratio of 0.79. The stock has a market capitalization of $3.16 billion, a PE ratio of -173.71 and a beta of 2.08. The business’s fifty day moving average price is $23.39 and its 200-day moving average price is $23.80. Iridium Communications Inc has a one year low of $16.64 and a one year high of $28.24.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, October 29th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $144.80 million for the quarter, compared to the consensus estimate of $142.05 million. Iridium Communications had a negative net margin of 11.15% and a negative return on equity of 3.91%. Iridium Communications’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.13) earnings per share. As a group, equities analysts expect that Iridium Communications Inc will post -0.56 EPS for the current fiscal year.

Several research analysts have weighed in on IRDM shares. BWS Financial set a $33.00 price objective on Iridium Communications and gave the stock a “buy” rating in a research report on Tuesday, September 17th. BidaskClub cut Iridium Communications from a “hold” rating to a “sell” rating in a research report on Saturday. Barclays reissued a “buy” rating and issued a $32.00 price objective on shares of Iridium Communications in a research report on Thursday, October 31st. ValuEngine cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 7th. Finally, Sidoti raised Iridium Communications from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $27.17.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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