Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) insider Suzanne E. Mcbride sold 7,500 shares of the firm's stock in a transaction on Monday, August 15th. The shares were sold at an average price of $46.68, for a total transaction of $350,100.00. Following the completion of the transaction, the insider now directly owns 110,553 shares of the company's stock, valued at $5,160,614.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Iridium Communications Stock Down 1.0 %

NASDAQ:IRDM traded down $0.49 during trading hours on Tuesday, reaching $46.18. The company's stock had a trading volume of 581,641 shares, compared to its average volume of 746,732. The firm has a 50-day simple moving average of $39.84 and a 200-day simple moving average of $38.45. Iridium Communications Inc. has a 1 year low of $31.73 and a 1 year high of $48.95. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.23 and a quick ratio of 2.97.

Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its earnings results on Tuesday, July 26th. The technology company reported $0.04 EPS for the quarter. The company had revenue of $174.90 million for the quarter, compared to analysts' expectations of $166.46 million. Iridium Communications had a negative net margin of 0.09% and a negative return on equity of 0.05%. The firm's revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 EPS. As a group, analysts forecast that Iridium Communications Inc. will post 0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a report on Tuesday, May 24th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of "Buy" and an average target price of $50.00.

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds have recently modified their holdings of the company. United Services Automobile Association purchased a new position in shares of Iridium Communications in the second quarter valued at about $531,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Iridium Communications by 10.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,109,627 shares of the technology company's stock valued at $41,678,000 after purchasing an additional 103,512 shares in the last quarter. Corton Capital Inc. bought a new stake in shares of Iridium Communications during the 2nd quarter valued at about $294,000. Creative Planning boosted its stake in shares of Iridium Communications by 3.9% during the 2nd quarter. Creative Planning now owns 8,468 shares of the technology company's stock valued at $318,000 after purchasing an additional 320 shares in the last quarter. Finally, Delphia USA Inc. bought a new stake in shares of Iridium Communications during the 2nd quarter valued at about $325,000. Hedge funds and other institutional investors own 97.98% of the company's stock.

About Iridium Communications

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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.

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• Get a free copy of the StockNews.com research report on Iridium Communications (IRDM)
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