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

Posted by MarketBeat News on Aug 5th, 2022

Iridium Communications Inc. (NASDAQ:IRDM – Get 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:IRDM – Get 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

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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.