Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 6,640,000 shares, an increase of 7.3% from the July 15th total of 6,190,000 shares. Based on an average daily trading volume, of 489,600 shares, the short-interest ratio is currently 13.6 days. Currently, 5.9% of the company's shares are short sold.

Iridium Communications Stock Up 1.3 %

Shares of NASDAQ:IRDM traded up $0.62 during midday trading on Monday, hitting $46.67. 413,654 shares of the company's stock were exchanged, compared to its average volume of 747,797. The company has a current ratio of 3.23, a quick ratio of 2.97 and a debt-to-equity ratio of 1.33. The stock has a 50 day moving average price of $39.84 and a 200-day moving average price of $38.45. Iridium Communications has a 12 month low of $31.73 and a 12 month high of $48.95.

Iridium Communications (NASDAQ:IRDM – Get Rating) last posted 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 during the quarter, compared to the consensus estimate 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 for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. Analysts anticipate that Iridium Communications will post 0.09 EPS for the current year.

Insider Activity at Iridium Communications

In other news, Director Robert H. Niehaus sold 30,000 shares of the company's stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the transaction, the director now owns 311,782 shares in the company, valued at $14,089,428.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Robert H. Niehaus sold 30,000 shares of the company's stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $45.19, for a total transaction of $1,355,700.00. Following the transaction, the director now owns 311,782 shares in the company, valued at $14,089,428.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen A. Morgan sold 3,000 shares of the company's stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $44.00, for a total transaction of $132,000.00. Following the transaction, the insider now owns 49,399 shares in the company, valued at approximately $2,173,556. The disclosure for this sale can be found here. Insiders have sold a total of 49,801 shares of company stock worth $2,240,833 over the last quarter. Company insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Iridium Communications by 0.5% in the 1st quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company's stock worth $634,635,000 after purchasing an additional 71,031 shares in the last quarter. Vanguard Group Inc. boosted its stake in Iridium Communications by 0.3% in the first quarter. Vanguard Group Inc. now owns 12,170,180 shares of the technology company's stock valued at $490,703,000 after acquiring an additional 33,082 shares during the last quarter. Capital International Investors boosted its stake in Iridium Communications by 0.4% in the first quarter. Capital International Investors now owns 7,722,754 shares of the technology company's stock valued at $311,381,000 after acquiring an additional 26,978 shares during the last quarter. State Street Corp boosted its stake in Iridium Communications by 13.5% in the first quarter. State Street Corp now owns 4,733,034 shares of the technology company's stock valued at $190,836,000 after acquiring an additional 564,367 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Iridium Communications by 7.6% in the first quarter. Invesco Ltd. now owns 2,756,866 shares of the technology company's stock valued at $111,157,000 after acquiring an additional 195,093 shares during the last quarter. 97.98% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

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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