Short Interest in Iridium Communications Inc (IRDM) Declines By 5.1%
Iridium Communications Inc (NASDAQ:IRDM) was the target of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 23,126,328 shares, a decrease of 5.1% from the August 31st total of 24,367,424 shares. Based on an average daily volume of 781,799 shares, the days-to-cover ratio is currently 29.6 days. Currently, 28.1% of the shares of the stock are short sold.
In other news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the transaction, the chief operating officer now directly owns 309,000 shares of the company’s stock, valued at approximately $3,247,590. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of IRDM. BlackRock Inc. boosted its holdings in shares of Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock worth $122,024,000 after buying an additional 12,626,087 shares during the period. Vanguard Group Inc. increased its position in shares of Iridium Communications by 2.5% in the second quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock worth $113,271,000 after acquiring an additional 250,505 shares in the last quarter. Capital World Investors increased its position in shares of Iridium Communications by 1.9% in the second quarter. Capital World Investors now owns 7,206,088 shares of the technology company’s stock worth $79,627,000 after acquiring an additional 132,088 shares in the last quarter. Van Berkom & Associates Inc. increased its position in shares of Iridium Communications by 5.6% in the second quarter. Van Berkom & Associates Inc. now owns 5,302,671 shares of the technology company’s stock worth $58,595,000 after acquiring an additional 282,084 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Iridium Communications by 23.5% in the second quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock worth $44,224,000 after acquiring an additional 761,679 shares in the last quarter.
Iridium Communications (NASDAQ:IRDM) opened at 11.00 on Wednesday. Iridium Communications has a 12-month low of $7.50 and a 12-month high of $11.58. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 11.76 and a beta of 1.72. The firm has a 50-day moving average of $10.24 and a 200-day moving average of $10.32.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. The business had revenue of $111.60 million during the quarter, compared to analyst estimates of $109.18 million. Iridium Communications had a return on equity of 8.68% and a net margin of 27.14%. Iridium Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.22 EPS. Equities research analysts forecast that Iridium Communications will post $0.80 earnings per share for the current fiscal year.
A number of equities research analysts recently issued reports on the company. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research report on Wednesday, September 27th. BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Drexel Hamilton reissued a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Finally, ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $12.50.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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