Redpoint Investment Management Pty Ltd lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 3.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 76,038 shares of the technology company’s stock after selling 3,075 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Iridium Communications were worth $2,990,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in IRDM. Hall Laurie J Trustee purchased a new stake in shares of Iridium Communications during the 3rd quarter worth approximately $30,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Iridium Communications during the 4th quarter worth approximately $57,000. Private Advisor Group LLC purchased a new stake in shares of Iridium Communications during the 2nd quarter worth approximately $44,000. Founders Capital Management purchased a new stake in shares of Iridium Communications during the 4th quarter worth approximately $149,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Iridium Communications during the 2nd quarter worth approximately $130,000. 81.12% of the stock is currently owned by institutional investors.

A number of equities research analysts recently issued reports on IRDM shares. ValuEngine lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, December 23rd. BWS Financial upped their target price on Iridium Communications from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Sidoti lowered Iridium Communications from a “buy” rating to a “neutral” rating in a research note on Friday, December 11th. Raymond James upped their target price on Iridium Communications from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday, October 21st. Finally, BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $31.40.

In other news, EVP Scott Scheimreif sold 20,507 shares of Iridium Communications stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $30.00, for a total value of $615,210.00. Following the transaction, the executive vice president now directly owns 115,172 shares of the company’s stock, valued at approximately $3,455,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy Kapalka sold 3,125 shares of Iridium Communications stock in a transaction dated Monday, December 7th. The shares were sold at an average price of $34.40, for a total value of $107,500.00. Following the completion of the transaction, the vice president now directly owns 26,111 shares in the company, valued at $898,218.40. The disclosure for this sale can be found here. Insiders sold a total of 491,849 shares of company stock valued at $16,281,727 in the last 90 days. 3.80% of the stock is owned by company insiders.

IRDM traded down $0.92 during midday trading on Wednesday, hitting $43.16. The company’s stock had a trading volume of 470,892 shares, compared to its average volume of 659,636. The company has a current ratio of 2.85, a quick ratio of 2.52 and a debt-to-equity ratio of 1.13. The firm has a market cap of $5.75 billion, a P/E ratio of -37.36 and a beta of 1.29. The firm has a 50-day moving average price of $36.82 and a two-hundred day moving average price of $30.01. Iridium Communications Inc. has a 52-week low of $16.87 and a 52-week high of $44.50.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, October 20th. The technology company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.08. The company had revenue of $151.47 million during the quarter, compared to analysts’ expectations of $138.12 million. Iridium Communications had a negative return on equity of 3.09% and a negative net margin of 27.09%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.14) EPS. On average, equities analysts expect that Iridium Communications Inc. will post -0.28 EPS for the current year.

Iridium Communications Profile

Iridium Communications Inc provides mobile voice and data communications services and product to businesses, the United States 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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