1,000 Shares in Iridium Communications Inc. (NASDAQ:IRDM) Purchased by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC purchased a new position in Iridium Communications Inc. (NASDAQ:IRDMGet Rating) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,000 shares of the technology company’s stock, valued at approximately $38,000.

A number of other hedge funds have also bought and sold shares of the company. Natixis Advisors L.P. grew its stake in Iridium Communications by 0.9% in the first quarter. Natixis Advisors L.P. now owns 51,338 shares of the technology company’s stock worth $2,070,000 after purchasing an additional 454 shares in the last quarter. Fifth Third Bancorp boosted its stake in Iridium Communications by 107.8% in the second quarter. Fifth Third Bancorp now owns 1,172 shares of the technology company’s stock valued at $44,000 after acquiring an additional 608 shares during the period. SG Americas Securities LLC boosted its stake in Iridium Communications by 5.8% in the second quarter. SG Americas Securities LLC now owns 14,576 shares of the technology company’s stock valued at $547,000 after acquiring an additional 803 shares during the period. Mackenzie Financial Corp boosted its stake in Iridium Communications by 13.1% in the first quarter. Mackenzie Financial Corp now owns 7,252 shares of the technology company’s stock valued at $292,000 after acquiring an additional 839 shares during the period. Finally, Cetera Advisor Networks LLC boosted its stake in Iridium Communications by 1.2% in the first quarter. Cetera Advisor Networks LLC now owns 77,639 shares of the technology company’s stock valued at $3,130,000 after acquiring an additional 898 shares during the period. 85.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on IRDM shares. StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Friday. Raymond James lifted their target price on Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Friday, October 21st. Barclays downgraded Iridium Communications from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $48.00 to $45.00 in a research note on Wednesday, October 19th. Finally, Morgan Stanley lifted their target price on Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, October 17th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $53.25.

Insider Buying and Selling

In related news, insider Kathleen A. Morgan sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. Following the sale, the insider now owns 45,963 shares of the company’s stock, valued at $2,206,224. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Kathleen A. Morgan sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. Following the sale, the insider now owns 45,963 shares of the company’s stock, valued at $2,206,224. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Timothy Kapalka sold 2,382 shares of the company’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $51.25, for a total value of $122,077.50. Following the completion of the transaction, the chief accounting officer now directly owns 19,896 shares in the company, valued at approximately $1,019,670. The disclosure for this sale can be found here. Insiders have sold a total of 51,448 shares of company stock valued at $2,667,224 over the last quarter. Corporate insiders own 2.50% of the company’s stock.

Iridium Communications Stock Performance

IRDM opened at $51.08 on Tuesday. The business’s 50 day moving average is $48.10 and its 200-day moving average is $42.89. The stock has a market cap of $6.42 billion, a PE ratio of 1,277.32 and a beta of 1.13. The company has a current ratio of 2.82, a quick ratio of 2.52 and a debt-to-equity ratio of 1.37. Iridium Communications Inc. has a twelve month low of $31.73 and a twelve month high of $53.61.

Iridium Communications (NASDAQ:IRDMGet Rating) last released its quarterly earnings results on Thursday, October 20th. The technology company reported $0.02 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.02. Iridium Communications had a return on equity of 0.30% and a net margin of 0.53%. The company had revenue of $184.04 million for the quarter, compared to analysts’ expectations of $180.91 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, analysts predict that Iridium Communications Inc. will post 0.08 earnings per share for the current year.

About Iridium Communications

(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.

See Also

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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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