Whalen Wealth Management Inc. Purchases Shares of 6,666 Iridium Communications Inc $IRDM

Whalen Wealth Management Inc. purchased a new stake in Iridium Communications Inc (NASDAQ:IRDM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,666 shares of the technology company’s stock, valued at approximately $201,000.

A number of other hedge funds have also recently bought and sold shares of IRDM. SVB Wealth LLC bought a new stake in Iridium Communications in the 1st quarter valued at $30,000. Cooksen Wealth LLC bought a new stake in Iridium Communications in the 1st quarter valued at $47,000. SBI Securities Co. Ltd. boosted its holdings in Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after purchasing an additional 476 shares during the period. Summit Securities Group LLC bought a new stake in Iridium Communications in the 1st quarter valued at $72,000. Finally, Carolina Wealth Advisors LLC bought a new stake in Iridium Communications in the 2nd quarter valued at $76,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Trading Down 2.3%

Shares of IRDM stock opened at $16.93 on Thursday. Iridium Communications Inc has a 12-month low of $16.83 and a 12-month high of $34.45. The company has a market capitalization of $1.77 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.78 and a beta of 0.70. The firm has a 50-day moving average price of $19.98 and a 200 day moving average price of $24.45. The company has a quick ratio of 1.93, a current ratio of 2.67 and a debt-to-equity ratio of 4.02.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.09. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The firm had revenue of $226.94 million during the quarter, compared to the consensus estimate of $222.13 million. During the same period last year, the firm posted $0.21 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. Research analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on IRDM shares. Weiss Ratings downgraded shares of Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Barclays dropped their price target on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Morgan Stanley dropped their price target on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, August 1st. Raymond James Financial lowered shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and dropped their price target for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Finally, BWS Financial reissued a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research report on Friday, October 24th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.67.

Insider Activity

In related news, Director Thomas Fitzpatrick sold 6,797 shares of Iridium Communications stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $18.00, for a total transaction of $122,346.00. Following the completion of the transaction, the director directly owned 251,873 shares of the company’s stock, valued at $4,533,714. This trade represents a 2.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert H. Niehaus purchased 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average cost of $17.49 per share, with a total value of $524,700.00. Following the completion of the acquisition, the director directly owned 297,363 shares in the company, valued at $5,200,878.87. The trade was a 11.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.40% of the company’s stock.

Iridium Communications Profile

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.