Iridium Communications Inc (NASDAQ:IRDM) Sees Large Growth in Short Interest

Iridium Communications Inc (NASDAQ:IRDM) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 7,932,100 shares, a growth of 18.7% from the May 30th total of 6,681,600 shares. Based on an average daily volume of 997,300 shares, the days-to-cover ratio is presently 8.0 days. Approximately 8.4% of the company’s stock are sold short.

In related news, EVP Bryan J. Hartin sold 103,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $27.13, for a total value of $2,794,390.00. Following the completion of the transaction, the executive vice president now directly owns 192,562 shares in the company, valued at approximately $5,224,207.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Fitzpatrick sold 244,778 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $27.07, for a total value of $6,626,140.46. Following the completion of the transaction, the chief financial officer now owns 574,128 shares of the company’s stock, valued at $15,541,644.96. The disclosure for this sale can be found here. Insiders sold a total of 431,289 shares of company stock valued at $11,683,679 over the last quarter. 5.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Iridium Communications by 0.9% in the 1st quarter. BlackRock Inc. now owns 14,281,999 shares of the technology company’s stock valued at $377,617,000 after buying an additional 120,689 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Iridium Communications by 9.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock valued at $107,919,000 after buying an additional 517,624 shares during the last quarter. FMR LLC boosted its holdings in shares of Iridium Communications by 31.1% in the 1st quarter. FMR LLC now owns 4,816,446 shares of the technology company’s stock valued at $127,346,000 after buying an additional 1,142,764 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Iridium Communications by 0.9% in the 4th quarter. Northern Trust Corp now owns 2,361,471 shares of the technology company’s stock valued at $43,569,000 after buying an additional 20,563 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Iridium Communications by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 1,084,230 shares of the technology company’s stock valued at $20,004,000 after buying an additional 81,757 shares during the last quarter. 84.41% of the stock is owned by institutional investors.

NASDAQ:IRDM traded up $0.04 during trading hours on Friday, reaching $24.46. 529,841 shares of the stock were exchanged, compared to its average volume of 757,401. Iridium Communications has a twelve month low of $16.64 and a twelve month high of $28.24. The company has a current ratio of 1.05, a quick ratio of 0.96 and a debt-to-equity ratio of 1.09. The company’s 50 day simple moving average is $22.95. The stock has a market capitalization of $2.77 billion, a PE ratio of -174.71 and a beta of 2.12.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.05. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The firm had revenue of $133.70 million during the quarter, compared to the consensus estimate of $128.54 million. During the same quarter in the prior year, the firm posted ($0.07) EPS. The business’s revenue was up 12.3% on a year-over-year basis. Analysts forecast that Iridium Communications will post -0.75 EPS for the current year.

Several equities analysts recently issued reports on the company. Northland Securities reiterated a “sell” rating and issued a $14.00 price objective on shares of Iridium Communications in a research report on Wednesday, March 20th. BidaskClub lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Raymond James reiterated an “outperform” rating and issued a C$44.00 price objective on shares of Teck Resources in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $23.50.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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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