Iridium Communications Inc. (NASDAQ:IRDM) Short Interest Update

Iridium Communications Inc. (NASDAQ:IRDM) was the recipient of a significant increase in short interest in March. As of March 15th, there was short interest totalling 12,510,000 shares, an increase of 22.2% from the February 28th total of 10,240,000 shares. Based on an average daily volume of 1,220,000 shares, the short-interest ratio is presently 10.3 days. Approximately 13.2% of the shares of the stock are short sold.

Iridium Communications Stock Down 0.7 %

Shares of IRDM stock traded down $0.20 on Wednesday, hitting $27.12. The stock had a trading volume of 124,540 shares, compared to its average volume of 1,113,735. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. Iridium Communications has a one year low of $24.14 and a one year high of $35.85. The business has a 50 day moving average price of $29.46 and a 200 day moving average price of $29.48. The company has a market cap of $2.95 billion, a PE ratio of 28.55, a P/E/G ratio of 1.28 and a beta of 0.66.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Research analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s payout ratio is currently 58.95%.

Analyst Ratings Changes

Several research firms have commented on IRDM. StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Finally, Barclays lowered their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new position in Iridium Communications during the 4th quarter valued at approximately $32,000. SBI Securities Co. Ltd. purchased a new stake in Iridium Communications in the fourth quarter valued at $37,000. Pinnacle Holdings LLC grew its stake in shares of Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after purchasing an additional 477 shares during the period. Fifth Third Bancorp grew its position in Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares during the period. Finally, Covestor Ltd raised its position in shares of Iridium Communications by 529.6% in the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock worth $73,000 after acquiring an additional 2,113 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

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.