Fox Run Management L.L.C. Buys 20,789 Shares of Iridium Communications Inc $IRDM

Fox Run Management L.L.C. raised its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 205.0% during the second quarter, Holdings Channel reports. The firm owned 30,930 shares of the technology company’s stock after buying an additional 20,789 shares during the quarter. Fox Run Management L.L.C.’s holdings in Iridium Communications were worth $933,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in IRDM. SVB Wealth LLC bought a new stake in shares of Iridium Communications during the 1st quarter valued at about $30,000. SBI Securities Co. Ltd. lifted its holdings in Iridium Communications by 37.2% in 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 during the period. Carolina Wealth Advisors LLC bought a new stake in Iridium Communications during the 2nd quarter valued at approximately $76,000. Summit Securities Group LLC purchased a new position in shares of Iridium Communications during the 1st quarter worth approximately $72,000. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Iridium Communications in the 2nd quarter worth approximately $156,000. 84.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Iridium Communications news, Director Robert H. Niehaus acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average cost of $17.49 per share, with a total value of $524,700.00. Following the transaction, the director owned 297,363 shares of the company’s stock, valued at $5,200,878.87. The trade was a 11.22% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Desch bought 20,000 shares of the business’s stock in a transaction on Thursday, October 30th. The shares were acquired at an average price of $17.33 per share, for a total transaction of $346,600.00. Following the completion of the purchase, the chief executive officer owned 1,127,019 shares in the company, valued at approximately $19,531,239.27. The trade was a 1.81% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 30,967 shares of company stock worth $557,406 in the last three months. Insiders own 2.40% of the company’s stock.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $16.78 on Monday. Iridium Communications Inc has a 1 year low of $16.56 and a 1 year high of $34.45. The firm’s 50-day moving average is $19.01 and its 200 day moving average is $24.19. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 1.09 and a beta of 0.72. 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 (NASDAQ:IRDM) last released its quarterly earnings data 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. The business had revenue of $226.94 million during the quarter, compared to analyst estimates of $222.13 million. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. Iridium Communications’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $0.21 EPS. Sell-side analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.