Zurcher Kantonalbank Zurich Cantonalbank lessened its position in Iridium Communications Inc (NASDAQ:IRDM) by 11.6% in the 1st quarter, Holdings Channel reports. The fund owned 5,511 shares of the technology company’s stock after selling 726 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Iridium Communications were worth $146,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in IRDM. Oregon Public Employees Retirement Fund bought a new stake in shares of Iridium Communications in the 4th quarter worth about $37,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of Iridium Communications by 30.6% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 2,350 shares of the technology company’s stock worth $43,000 after acquiring an additional 550 shares during the last quarter. Strs Ohio bought a new stake in shares of Iridium Communications in the 1st quarter worth about $55,000. Nisa Investment Advisors LLC lifted its holdings in shares of Iridium Communications by 427.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the technology company’s stock worth $82,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in Iridium Communications during the 4th quarter valued at about $116,000. Hedge funds and other institutional investors own 85.08% of the company’s stock.

IRDM traded up $0.78 on Tuesday, reaching $24.00. 3,107 shares of the company traded hands, compared to its average volume of 1,004,134. Iridium Communications Inc has a one year low of $11.60 and a one year high of $28.24. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -169.64 and a beta of 2.11. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.05 and a quick ratio of 0.96.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, April 23rd. The technology company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. The business had revenue of $133.70 million for the quarter, compared to the consensus estimate of $128.54 million. Iridium Communications had a negative net margin of 7.98% and a negative return on equity of 2.14%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) EPS. On average, equities analysts anticipate that Iridium Communications Inc will post -0.66 earnings per share for the current fiscal year.

A number of brokerages recently weighed in on IRDM. Raymond James lowered shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and lifted their price objective for the company from $25.00 to $30.00 in a report on Wednesday, April 24th. Northland Securities reiterated a “sell” rating and set a $14.00 price objective on shares of Iridium Communications in a report on Wednesday, March 20th. BidaskClub upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 20th. Finally, Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Saturday, March 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Iridium Communications has an average rating of “Hold” and an average target price of $23.50.

In other Iridium Communications news, insider Thomas D. Hickey sold 83,511 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $27.10, for a total transaction of $2,263,148.10. Following the transaction, the insider now owns 213,035 shares of the company’s stock, valued at approximately $5,773,248.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bryan J. Hartin sold 103,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $27.13, for a total transaction of $2,794,390.00. Following the transaction, the executive vice president now directly owns 192,562 shares in the company, valued at approximately $5,224,207.06. The disclosure for this sale can be found here. Insiders have sold a total of 437,289 shares of company stock worth $11,816,254 in the last three months. Insiders own 5.00% of the company’s stock.

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Iridium Communications Company 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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