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Short Interest in Iridium Communications Inc. (NASDAQ:IRDM) Expands By 7.3%

Financial News Live · Aug 15, 2022 23:01

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.

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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.

Iridium Communications announced that its Board of Directors has initiated a share buyback program on Tuesday, April 19th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the technology company to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its stock is undervalued.

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.