Iridium Communications Inc (NASDAQ:IRDM) CFO Sells $2,800,000.00 in Stock

Iridium Communications Inc (NASDAQ:IRDM) CFO Thomas Fitzpatrick sold 100,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $28.00, for a total value of $2,800,000.00. Following the completion of the transaction, the chief financial officer now directly owns 454,285 shares in the company, valued at approximately $12,719,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shares of IRDM opened at $27.39 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.60. Iridium Communications Inc has a one year low of $16.87 and a one year high of $32.08. The company has a 50-day simple moving average of $26.13 and a two-hundred day simple moving average of $24.99. The firm 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 data on Tuesday, July 28th. The technology company reported ($0.09) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.05. Iridium Communications had a negative net margin of 29.87% and a negative return on equity of 3.97%. The business had revenue of $140.17 million during the quarter, compared to analyst estimates of $136.76 million. During the same period last year, the business posted ($0.16) earnings per share. Iridium Communications’s quarterly revenue was down 2.0% compared to the same quarter last year. Analysts expect that Iridium Communications Inc will post -0.48 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Comerica Bank lifted its stake in Iridium Communications by 10.3% in the 2nd quarter. Comerica Bank now owns 104,468 shares of the technology company’s stock worth $2,722,000 after purchasing an additional 9,762 shares in the last quarter. Jaffetilchin Investment Partners LLC purchased a new stake in Iridium Communications in the 2nd quarter worth $70,000. UBS Group AG lifted its stake in Iridium Communications by 11.1% in the 2nd quarter. UBS Group AG now owns 198,688 shares of the technology company’s stock worth $5,055,000 after purchasing an additional 19,863 shares in the last quarter. Institute for Wealth Management LLC. purchased a new stake in Iridium Communications in the 2nd quarter worth $336,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Iridium Communications by 36.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,987 shares of the technology company’s stock worth $356,000 after buying an additional 3,760 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

A number of research analysts recently commented on the company. Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research note on Monday, June 15th. Barclays reduced their price objective on Iridium Communications from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Finally, Raymond James raised their price objective on Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price 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.

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