Iridium Communications (NASDAQ:IRDM) Director Sells $375,102.00 in Stock

Iridium Communications Inc (NASDAQ:IRDM) Director Thomas Fitzpatrick sold 20,839 shares of Iridium Communications stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $18.00, for a total transaction of $375,102.00. Following the completion of the sale, the director directly owned 231,034 shares in the company, valued at approximately $4,158,612. The trade was a 8.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Thomas Fitzpatrick also recently made the following trade(s):

• On Tuesday, October 28th, Thomas Fitzpatrick sold 6,797 shares of Iridium Communications stock. The shares were sold at an average price of $18.00, for a total transaction of $122,346.00.
• On Monday, October 27th, Thomas Fitzpatrick sold 3,331 shares of Iridium Communications stock. The shares were sold at an average price of $18.00, for a total value of $59,958.00.

Iridium Communications Price Performance

Shares of IRDM traded down $0.85 during mid-day trading on Monday, hitting $18.30. The company’s stock had a trading volume of 3,445,284 shares, compared to its average volume of 1,845,173. The company has a current ratio of 2.67, a quick ratio of 1.93 and a debt-to-equity ratio of 4.02. Iridium Communications Inc has a 1-year low of $16.75 and a 1-year high of $34.45. The firm has a market capitalization of $1.92 billion, a P/E ratio of 16.19, a P/E/G ratio of 1.09 and a beta of 0.70. The firm has a 50-day simple moving average of $19.74 and a 200 day simple moving average of $24.38.

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

Institutional Trading of Iridium Communications

Hedge funds have recently bought and sold shares of the company. SVB Wealth LLC acquired a new stake in shares of Iridium Communications in the first quarter worth $30,000. Cooksen Wealth LLC acquired a new stake in shares of Iridium Communications during the first quarter worth approximately $47,000. SBI Securities Co. Ltd. grew its position in shares of Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after buying an additional 476 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Iridium Communications in the second quarter worth $70,000. Finally, Summit Securities Group LLC bought a new position in Iridium Communications during the 1st quarter valued at $72,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Iridium Communications Company 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.