Bryan J. Hartin Sells 13,799 Shares of Iridium Communications Inc. (NASDAQ:IRDM) Stock

Iridium Communications Inc. (NASDAQ:IRDMGet Rating) EVP Bryan J. Hartin sold 13,799 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $45.00, for a total value of $620,955.00. Following the completion of the transaction, the executive vice president now owns 66,941 shares of the company’s stock, valued at approximately $3,012,345. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $45.79 on Friday. Iridium Communications Inc. has a 1-year low of $31.73 and a 1-year high of $48.95. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.97 and a current ratio of 3.23. The business has a fifty day moving average price of $38.75 and a 200-day moving average price of $37.91.

Iridium Communications (NASDAQ:IRDMGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The technology company reported $0.04 earnings per share for the quarter. Iridium Communications had a negative return on equity of 0.05% and a negative net margin of 0.09%. The firm had revenue of $174.90 million during the quarter, compared to the consensus estimate of $166.46 million. During the same period last year, the company earned $0.03 earnings per share. The company’s revenue was up 16.6% on a year-over-year basis. As a group, analysts anticipate that Iridium Communications Inc. will post 0.09 EPS for the current year.

Iridium Communications announced that its board has approved a stock repurchase program on Tuesday, April 19th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, May 24th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $50.00.

Institutional Investors Weigh In On Iridium Communications

Several large investors have recently bought and sold shares of IRDM. Byrne Asset Management LLC bought a new stake in Iridium Communications in the 4th quarter worth about $29,000. CWM LLC increased its holdings in Iridium Communications by 95.0% in the 1st quarter. CWM LLC now owns 739 shares of the technology company’s stock worth $30,000 after buying an additional 360 shares in the last quarter. Fifth Third Bancorp boosted its position in Iridium Communications by 107.8% in the second quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company’s stock worth $44,000 after purchasing an additional 608 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new position in Iridium Communications in the second quarter worth about $128,000. Finally, Vienna Asset Management LLC purchased a new position in Iridium Communications in the fourth quarter worth about $169,000. 97.98% of the stock is currently owned by institutional investors.

Iridium Communications Company Profile

(Get Rating)

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.

Further Reading

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