Iridium Communications Inc (NASDAQ:IRDM) CEO Sells $5,700,000.00 in Stock

Iridium Communications Inc (NASDAQ:IRDM) CEO Matthew J. Desch sold 200,000 shares of Iridium Communications stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $28.50, for a total transaction of $5,700,000.00. Following the transaction, the chief executive officer now directly owns 1,061,846 shares of the company’s stock, valued at $30,262,611. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Shares of IRDM opened at $27.39 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.60 and a debt-to-equity ratio of 1.14. Iridium Communications Inc has a 12 month low of $16.87 and a 12 month high of $32.08. The firm’s 50 day moving average is $26.13 and its 200-day moving average is $24.99. The stock has a market capitalization of $3.62 billion, a PE ratio of -21.23 and a beta of 1.41.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.05. The business had revenue of $140.17 million for the quarter, compared to the consensus estimate of $136.76 million. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) earnings per share. Equities research analysts predict that Iridium Communications Inc will post -0.48 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of IRDM. Jaffetilchin Investment Partners LLC bought a new position in Iridium Communications in the 2nd quarter valued at about $70,000. Mutual of America Capital Management LLC raised its holdings in Iridium Communications by 22.7% during the 1st quarter. Mutual of America Capital Management LLC now owns 4,195 shares of the technology company’s stock valued at $94,000 after acquiring an additional 776 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Iridium Communications by 80.5% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,645 shares of the technology company’s stock worth $104,000 after acquiring an additional 2,072 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Iridium Communications by 16.6% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,388 shares of the technology company’s stock worth $120,000 after acquiring an additional 766 shares in the last quarter. Finally, CWM Advisors LLC bought a new position in shares of Iridium Communications in the first quarter worth $201,000. 81.77% of the stock is owned by institutional investors and hedge funds.

IRDM has been the subject of a number of research reports. Barclays cut their target price on shares of Iridium Communications from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Zacks Investment Research downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a research report on Monday, June 15th. Raymond James lifted their price target on Iridium Communications from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, BidaskClub upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Iridium Communications has a consensus rating of “Buy” and an average price target of $30.40.

About Iridium Communications

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.

Further Reading: What impact do institutional investors have on markets?

Insider Buying and Selling by Quarter for Iridium Communications (NASDAQ:IRDM)

Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.