PNC Financial Services Group Inc. Has $655,000 Stock Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

PNC Financial Services Group Inc. grew its position in Iridium Communications Inc. (NASDAQ:IRDM) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,440 shares of the technology company’s stock after purchasing an additional 534 shares during the period. PNC Financial Services Group Inc.’s holdings in Iridium Communications were worth $655,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Xponance Inc. raised its holdings in Iridium Communications by 1.5% in the third quarter. Xponance Inc. now owns 19,004 shares of the technology company’s stock worth $757,000 after purchasing an additional 289 shares during the period. Riggs Asset Managment Co. Inc. raised its holdings in Iridium Communications by 0.4% in the third quarter. Riggs Asset Managment Co. Inc. now owns 65,794 shares of the technology company’s stock worth $2,622,000 after purchasing an additional 290 shares during the period. CWM Advisors LLC raised its holdings in shares of Iridium Communications by 3.1% during the second quarter. CWM Advisors LLC now owns 10,230 shares of the technology company’s stock worth $409,000 after acquiring an additional 310 shares during the period. AQR Capital Management LLC raised its holdings in shares of Iridium Communications by 1.1% during the second quarter. AQR Capital Management LLC now owns 28,489 shares of the technology company’s stock worth $1,139,000 after acquiring an additional 323 shares during the period. Finally, Archer Investment Corp raised its holdings in shares of Iridium Communications by 22.5% during the third quarter. Archer Investment Corp now owns 1,932 shares of the technology company’s stock worth $77,000 after acquiring an additional 355 shares during the period. Institutional investors own 94.39% of the company’s stock.

Shares of IRDM stock opened at $37.44 on Friday. The company has a current ratio of 4.20, a quick ratio of 3.95 and a debt-to-equity ratio of 1.20. Iridium Communications Inc. has a 1 year low of $32.85 and a 1 year high of $54.65. The firm’s fifty day moving average price is $40.46 and its two-hundred day moving average price is $41.08. The firm has a market capitalization of $4.95 billion, a P/E ratio of -416.00 and a beta of 1.10.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Monday, October 18th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). Iridium Communications had a negative net margin of 1.88% and a negative return on equity of 0.84%. The firm had revenue of $162.20 million for the quarter, compared to analyst estimates of $153.76 million. During the same period in the previous year, the business earned ($0.03) EPS. The company’s revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts forecast that Iridium Communications Inc. will post -0.08 EPS for the current fiscal year.

IRDM has been the topic of a number of research analyst reports. BWS Financial upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $37.00 to $60.00 in a report on Wednesday, October 20th. Zacks Investment Research lowered shares of Iridium Communications from a “hold” rating to a “sell” rating and set a $45.00 price objective on the stock. in a report on Thursday, October 21st. Finally, Raymond James raised their price objective on shares of Iridium Communications from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Wednesday, October 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Iridium Communications currently has an average rating of “Hold” and a consensus target price of $48.40.

Iridium Communications Company Profile

Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s principal lines of business include Land Mobile, Maritime, Aviation, IoT Data Services, Hosted Payloads and Other Data Services, and Government.

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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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