Y Intercept Hong Kong Ltd Takes $407,000 Position in Iridium Communications Inc $IRDM

Y Intercept Hong Kong Ltd bought a new position in Iridium Communications Inc (NASDAQ:IRDM) during the 2nd quarter, Holdings Channel.com reports. The firm bought 13,488 shares of the technology company’s stock, valued at approximately $407,000.

Other hedge funds also recently made changes to their positions in the company. SVB Wealth LLC purchased a new stake in Iridium Communications during the 1st quarter valued at $30,000. SBI Securities Co. Ltd. increased its position in shares of Iridium Communications by 37.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after acquiring an additional 476 shares during the period. Carolina Wealth Advisors LLC bought a new position in shares of Iridium Communications during the second quarter valued at about $76,000. Summit Securities Group LLC purchased a new stake in shares of Iridium Communications during the first quarter worth about $72,000. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Iridium Communications in the second quarter worth about $156,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 20,839 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $18.00, for a total transaction of $375,102.00. Following the sale, the director 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 SEC, which is accessible through the SEC website. Also, CEO Matthew J. Desch purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The stock was acquired at an average price of $17.33 per share, with a total value of $346,600.00. Following the completion of the purchase, the chief executive officer owned 1,127,019 shares in the company, valued at $19,531,239.27. This represents a 1.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 30,967 shares of company stock worth $557,406. Corporate insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Iridium Communications Stock Down 0.7%

IRDM stock opened at $16.78 on Friday. Iridium Communications Inc has a fifty-two week low of $16.56 and a fifty-two week high of $34.45. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 1.09 and a beta of 0.72. The business’s 50 day moving average price is $19.01 and its two-hundred day moving average price is $24.16. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67.

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 the consensus estimate of $0.26 by $0.09. The company had revenue of $226.94 million for the quarter, compared to analyst estimates of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. As a group, analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

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.