Robert Niehaus Acquires 30,000 Shares of Iridium Communications (NASDAQ:IRDM) Stock

Iridium Communications Inc (NASDAQ:IRDM) Director Robert Niehaus acquired 30,000 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was purchased at an average price of $17.49 per share, with a total value of $524,700.00. Following the transaction, the director owned 297,363 shares of the company’s stock, valued at approximately $5,200,878.87. This trade represents a 11.22% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Iridium Communications Trading Up 4.2%

Shares of Iridium Communications stock opened at $17.64 on Friday. The firm has a 50-day simple moving average of $19.85 and a two-hundred day simple moving average of $24.41. The company has a market cap of $1.85 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 1.09 and a beta of 0.70. Iridium Communications Inc has a fifty-two week low of $16.75 and a fifty-two week high of $34.45. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The business had revenue of $226.94 million during the quarter, compared to the consensus estimate of $222.13 million. Iridium Communications had a net margin of 14.44% and a return on equity of 24.93%. The company’s 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, equities analysts predict that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Trading of Iridium Communications

Several large investors have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Iridium Communications by 318.5% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 52,830 shares of the technology company’s stock valued at $922,000 after acquiring an additional 40,205 shares in the last quarter. Vest Financial LLC purchased a new stake in Iridium Communications in the 3rd quarter valued at $198,000. Campbell & CO Investment Adviser LLC purchased a new stake in Iridium Communications in the 3rd quarter valued at $554,000. Canal Insurance CO grew its holdings in Iridium Communications by 100.0% in the 3rd quarter. Canal Insurance CO now owns 40,000 shares of the technology company’s stock valued at $698,000 after buying an additional 20,000 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Iridium Communications by 1.0% in the 3rd quarter. Nordea Investment Management AB now owns 317,938 shares of the technology company’s stock valued at $5,510,000 after buying an additional 3,169 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

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.