Iridium Communications (NASDAQ:IRDM) CEO Matthew Desch Acquires 20,000 Shares

Iridium Communications Inc (NASDAQ:IRDM) CEO Matthew Desch acquired 20,000 shares of the company’s stock in a transaction dated Thursday, October 30th. The shares were purchased at an average cost of $17.33 per share, with a total value of $346,600.00. Following the acquisition, the chief executive officer owned 1,127,019 shares of the company’s stock, valued at approximately $19,531,239.27. This represents a 1.81% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Iridium Communications Stock Down 4.4%

Shares of IRDM opened at $18.30 on Tuesday. The company has a market capitalization of $1.92 billion, a P/E ratio of 16.19, a PEG ratio of 1.09 and a beta of 0.70. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93. Iridium Communications Inc has a one year low of $16.75 and a one year high of $34.45. The business’s 50 day simple moving average is $19.61 and its 200-day simple moving average is $24.34.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the firm posted $0.21 EPS. The business’s revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts predict that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently bought and sold shares of IRDM. SVB Wealth LLC acquired a new stake in Iridium Communications during the 1st quarter worth $30,000. SBI Securities Co. Ltd. boosted its position in shares of Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after purchasing an additional 476 shares during the last quarter. Cooksen Wealth LLC acquired a new stake in shares of Iridium Communications during the first quarter worth $47,000. Johnson Financial Group Inc. bought a new stake in Iridium Communications in the second quarter valued at about $70,000. Finally, Carolina Wealth Advisors LLC acquired a new position in Iridium Communications in the second quarter valued at about $76,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About Iridium Communications

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.