Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management cut its position in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 60.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 46,150 shares of the technology company’s stock after selling 71,457 shares during the period. Picton Mahoney Asset Management’s holdings in Iridium Communications were worth $1,898,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van Berkom & Associates Inc. raised its position in Iridium Communications by 57.5% during the third quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock worth $93,668,000 after acquiring an additional 751,595 shares during the period. Pacer Advisors Inc. raised its position in shares of Iridium Communications by 2,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock worth $24,857,000 after purchasing an additional 583,896 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Iridium Communications by 44.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after buying an additional 539,909 shares in the last quarter. ARK Investment Management LLC increased its stake in Iridium Communications by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 2,173,964 shares of the technology company’s stock worth $89,480,000 after buying an additional 249,185 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Iridium Communications by 14.7% during the third quarter. Northern Trust Corp now owns 1,583,291 shares of the technology company’s stock valued at $72,024,000 after acquiring an additional 202,702 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on IRDM. Raymond James dropped their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Barclays raised their price target on shares of Iridium Communications from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday, April 22nd. Finally, TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 15th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $30.00 on Thursday. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $65.12. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The company has a 50 day moving average price of $27.57 and a 200 day moving average price of $33.71. The stock has a market capitalization of $3.64 billion, a P/E ratio of 142.86 and a beta of 0.78.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The firm had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 EPS. Equities research analysts forecast that Iridium Communications Inc. will post 0.73 EPS for the current year.

Iridium Communications Profile

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