AdvisorShares Investments LLC Increases Stock Holdings in Iridium Communications Inc $IRDM

AdvisorShares Investments LLC lifted its position in Iridium Communications Inc (NASDAQ:IRDM) by 5.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,460 shares of the technology company’s stock after buying an additional 860 shares during the quarter. AdvisorShares Investments LLC’s holdings in Iridium Communications were worth $466,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SVB Wealth LLC purchased a new stake in shares of Iridium Communications in the first quarter worth about $30,000. Cooksen Wealth LLC bought a new position in shares of Iridium Communications in the first quarter worth approximately $47,000. SBI Securities Co. Ltd. increased its position in shares of Iridium Communications by 37.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after purchasing an additional 476 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Iridium Communications in the first quarter worth approximately $72,000. Finally, Carolina Wealth Advisors LLC bought a new position in shares of Iridium Communications in the second quarter worth approximately $76,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 6,797 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $18.00, for a total value of $122,346.00. Following the completion of the sale, the director owned 251,873 shares of the company’s stock, valued at $4,533,714. This trade represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert H. Niehaus purchased 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average cost of $17.49 per share, with a total value of $524,700.00. Following the purchase, the director directly owned 297,363 shares of the company’s stock, valued at $5,200,878.87. This trade represents a 11.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on IRDM. Raymond James Financial cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $39.00 to $26.00 in a research report on Thursday, September 11th. Morgan Stanley decreased their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Friday, October 24th. Barclays decreased their price objective on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Finally, Weiss Ratings lowered Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Six research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Stock Up 4.2%

Shares of NASDAQ IRDM opened at $17.64 on Friday. Iridium Communications Inc has a one year low of $16.75 and a one year high of $34.45. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93. The firm’s 50 day simple moving average is $19.85 and its two-hundred day simple moving average is $24.41. The stock has a market capitalization of $1.85 billion, a P/E ratio of 15.61, a PEG ratio of 1.09 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. The firm had revenue of $226.94 million during the quarter, compared to analyst estimates of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 earnings per share. As a group, analysts expect that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Company 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.