Iridium Communications (NASDAQ:IRDM) Shares Break Above 50 Day Moving Average – What’s Next?

Iridium Communications Inc (NASDAQ:IRDM) shares passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $46.43 and traded as high as $47.59. Iridium Communications shares last traded at $47.29, with a volume of 553,966 shares changing hands.

Analyst Ratings Changes

Several equities analysts have issued reports on IRDM shares. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, October 21st. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Iridium Communications has a consensus rating of “Hold” and a consensus target price of $41.20.

Iridium Communications Stock Up 2.5%

The company has a market capitalization of $5.02 billion, a PE ratio of 31.32, a price-to-earnings-growth ratio of 3.61 and a beta of 0.87. The firm’s 50-day simple moving average is $46.43 and its 200 day simple moving average is $40.56. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.72 and a current ratio of 0.91.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, October 20th. The technology company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.64. The business had revenue of $245.73 million for the quarter, compared to analysts’ expectations of $236.30 million. Iridium Communications had a net margin of 18.06% and a return on equity of 22.04%. During the same period in the prior year, the company posted $0.35 EPS. As a group, equities research analysts forecast that Iridium Communications Inc will post 0.98 earnings per share for the current year.

Insider Activity

In other Iridium Communications news, EVP Timothy Last sold 5,769 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $46.35, for a total value of $267,393.15. Following the completion of the transaction, the executive vice president directly owned 84,130 shares of the company’s stock, valued at approximately $3,899,425.50. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Timothy Kapalka sold 13,473 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $50.51, for a total transaction of $680,521.23. Following the sale, the chief accounting officer owned 35,731 shares of the company’s stock, valued at approximately $1,804,772.81. The trade was a 27.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 381,688 shares of company stock valued at $19,146,390 in the last quarter. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Iridium Communications in the 3rd quarter worth approximately $26,000. CoreCap Advisors LLC increased its stake in Iridium Communications by 69.0% in the 3rd quarter. CoreCap Advisors LLC now owns 1,021 shares of the technology company’s stock valued at $49,000 after purchasing an additional 417 shares in the last quarter. Heritage Family Offices LLP acquired a new position in Iridium Communications during the third quarter worth $58,000. Plato Investment Management Ltd acquired a new position in Iridium Communications during the second quarter worth $63,000. Finally, Signaturefd LLC raised its holdings in Iridium Communications by 45.9% during the third quarter. Signaturefd LLC now owns 1,357 shares of the technology company’s stock worth $65,000 after purchasing an additional 427 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications provides satellite voice and data services through a low Earth orbit constellation designed to deliver coverage across the globe, including polar regions and remote areas beyond the reach of many terrestrial networks. Its customers include businesses, government agencies, and individuals working on land, at sea, and in the air. The company offers satellite phones, voice and broadband connectivity, push-to-talk communications, and Internet of Things services. Its Iridium Certus platform supports voice and data applications, while its network also carries safety and operational communications for sectors such as maritime, aviation, and government.