AdvisorNet Financial Inc Has $1.45 Million Stake in Iridium Communications Inc (NASDAQ:IRDM)

AdvisorNet Financial Inc boosted its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 5.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,986 shares of the technology company’s stock after purchasing an additional 3,227 shares during the quarter. AdvisorNet Financial Inc’s holdings in Iridium Communications were worth $1,447,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IRDM. Executive Wealth Management LLC raised its position in shares of Iridium Communications by 378.7% in the 2nd quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock valued at $42,000 after buying an additional 1,420 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Iridium Communications in the 2nd quarter valued at approximately $43,000. Strs Ohio raised its position in shares of Iridium Communications by 42.9% in the 2nd quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock valued at $69,000 after buying an additional 900 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Iridium Communications in the 2nd quarter valued at approximately $103,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Iridium Communications in the 2nd quarter valued at approximately $105,000. Institutional investors and hedge funds own 76.42% of the company’s stock.

IRDM has been the subject of several analyst reports. Barclays set a $30.50 target price on shares of Iridium Communications and gave the company a “buy” rating in a research report on Wednesday, October 9th. ValuEngine cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 7th. Sidoti upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Wednesday, October 9th. BWS Financial set a $33.00 target price on shares of Iridium Communications and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $26.92.

Shares of Iridium Communications stock opened at $24.31 on Friday. The firm has a market capitalization of $3.16 billion, a PE ratio of -173.64 and a beta of 2.07. The company has a current ratio of 1.13, a quick ratio of 1.00 and a debt-to-equity ratio of 1.11. The firm’s 50 day moving average is $23.15 and its 200 day moving average is $24.06. Iridium Communications Inc has a 1 year low of $16.64 and a 1 year high of $28.24.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The company had revenue of $143.10 million for the quarter, compared to analyst estimates of $132.92 million. Iridium Communications had a negative net margin of 10.37% and a negative return on equity of 3.56%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 EPS. As a group, research analysts anticipate that Iridium Communications Inc will post -0.59 earnings per share for the current year.

Iridium Communications Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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

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