Shares of Iridium Communications Inc (NASDAQ:IRDM) saw an uptick in trading volume on Friday following a better than expected earnings announcement. 805,568 shares were traded during mid-day trading, an increase of 19% from the previous session’s volume of 678,189 shares.The stock last traded at $12.38 and had previously closed at $12.10.
The technology company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. Iridium Communications had a return on equity of 8.41% and a net margin of 26.38%. The firm had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year.
A number of research analysts have issued reports on the company. Zacks Investment Research downgraded Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday. Wells Fargo & Company boosted their price target on Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a report on Friday. TheStreet downgraded Iridium Communications from a “b” rating to a “c+” rating in a report on Thursday, August 17th. Drexel Hamilton reissued a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Finally, BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $12.33.
In other news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total value of $1,418,850.00. Following the completion of the sale, the chief operating officer now directly owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.40% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. BB&T Securities LLC increased its position in shares of Iridium Communications by 9.1% during the second quarter. BB&T Securities LLC now owns 92,783 shares of the technology company’s stock worth $1,025,000 after purchasing an additional 7,773 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in Iridium Communications by 16.8% in the 2nd quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock valued at $35,024,000 after buying an additional 455,585 shares in the last quarter. Vanguard Group Inc. grew its holdings in Iridium Communications by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after buying an additional 457,168 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in Iridium Communications by 49.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock valued at $305,000 after buying an additional 9,180 shares in the last quarter. Finally, 361 Capital LLC purchased a new stake in Iridium Communications in the 2nd quarter valued at $366,000.
The stock’s 50 day moving average is $10.60 and its 200 day moving average is $10.53. The company has a market capitalization of $1.24 billion, a P/E ratio of 13.58 and a beta of 1.71.
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Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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