Iridium Communications Inc (NASDAQ:IRDM) shares shot up 7.1% during mid-day trading on Friday . The company traded as high as $21.27 and last traded at $21.16. 1,081,832 shares traded hands during trading, an increase of 40% from the average session volume of 774,574 shares. The stock had previously closed at $19.76.

A number of brokerages have issued reports on IRDM. Zacks Investment Research cut Iridium Communications from a “hold” rating to a “strong sell” rating in a report on Saturday, October 27th. BidaskClub cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 18th. Raymond James lifted their price objective on Iridium Communications from $20.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, October 10th. Finally, Barclays began coverage on Iridium Communications in a report on Tuesday, October 30th. They set an “overweight” rating and a $26.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $21.35.

The company has a quick ratio of 1.46, a current ratio of 1.53 and a debt-to-equity ratio of 1.16. The firm has a market cap of $2.20 billion, a PE ratio of 30.23 and a beta of 2.15.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 25th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.06). Iridium Communications had a net margin of 26.88% and a return on equity of 1.01%. The business had revenue of $136.76 million during the quarter, compared to the consensus estimate of $128.32 million. Equities analysts predict that Iridium Communications Inc will post -0.2 EPS for the current fiscal year.

In related news, COO S. Scott Smith sold 3,500 shares of Iridium Communications stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $18.81, for a total value of $65,835.00. Following the completion of the transaction, the chief operating officer now directly owns 219,967 shares of the company’s stock, valued at $4,137,579.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Desch sold 274,075 shares of Iridium Communications stock in a transaction dated Monday, November 19th. The shares were sold at an average price of $21.53, for a total value of $5,900,834.75. Following the completion of the transaction, the chief executive officer now directly owns 1,200,754 shares of the company’s stock, valued at $25,852,233.62. The disclosure for this sale can be found here. Insiders sold 319,575 shares of company stock valued at $6,812,830 over the last ninety days. 5.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in IRDM. Capital International Investors acquired a new stake in Iridium Communications in the third quarter worth about $71,247,000. BlackRock Inc. increased its position in Iridium Communications by 12.6% in the third quarter. BlackRock Inc. now owns 14,029,610 shares of the technology company’s stock worth $315,666,000 after purchasing an additional 1,568,048 shares during the period. Dimensional Fund Advisors LP increased its position in Iridium Communications by 17.8% in the third quarter. Dimensional Fund Advisors LP now owns 5,331,509 shares of the technology company’s stock worth $119,955,000 after purchasing an additional 806,061 shares during the period. Renaissance Technologies LLC increased its position in Iridium Communications by 67.5% in the third quarter. Renaissance Technologies LLC now owns 1,739,900 shares of the technology company’s stock worth $39,148,000 after purchasing an additional 701,300 shares during the period. Finally, Morgan Stanley increased its position in Iridium Communications by 36.1% in the third quarter. Morgan Stanley now owns 1,056,231 shares of the technology company’s stock worth $23,765,000 after purchasing an additional 279,982 shares during the period. Hedge funds and other institutional investors own 86.02% of the company’s stock.

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Iridium Communications Company Profile (NASDAQ:IRDM)

Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s current principal lines of business include Land Mobile, Maritime, Aviation, and Government.

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