Robert H. Niehaus Sells 30,000 Shares of Iridium Communications Inc. (NASDAQ:IRDM) Stock

Posted by MarketBeat News on Aug 6th, 2022

Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) Director Robert H. Niehaus sold 30,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the completion of the sale, the director now directly owns 311,782 shares in the company, valued at approximately $14,089,428.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $45.47 on Friday. Iridium Communications Inc. has a 12 month low of $31.73 and a 12 month high of $48.95. The company’s 50-day moving average price is $38.89 and its two-hundred day moving average price is $37.98. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.23 and a quick ratio of 2.97.

Iridium Communications (NASDAQ:IRDM – Get Rating) last released its earnings results on Tuesday, July 26th. The technology company reported $0.04 earnings per share (EPS) for the quarter. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. The company had revenue of $174.90 million for the quarter, compared to the consensus estimate of $166.46 million. During the same period in the prior year, the company posted $0.03 EPS. The company’s revenue was up 16.6% compared to the same quarter last year. On average, sell-side analysts predict that Iridium Communications Inc. will post 0.09 EPS for the current year.

Iridium Communications declared that its board has initiated a share repurchase plan on Tuesday, April 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Separately, StockNews.com raised shares of 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 stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of “Buy” and a consensus price target of $50.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC acquired a new position in Iridium Communications during the 4th quarter valued at about $29,000. CWM LLC lifted its position in Iridium Communications by 95.0% during the 1st quarter. CWM LLC now owns 739 shares of the technology company’s stock valued at $30,000 after purchasing an additional 360 shares during the period. Fifth Third Bancorp lifted its position in Iridium Communications by 107.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company’s stock valued at $44,000 after purchasing an additional 608 shares during the period. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iridium Communications in the 2nd quarter valued at approximately $128,000. Finally, Vienna Asset Management LLC acquired a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $169,000. 97.98% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

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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.