Point72 DIFC Ltd Has $180,000 Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Point72 DIFC Ltd lessened its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 61.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,916 shares of the technology company’s stock after selling 9,491 shares during the period. Point72 DIFC Ltd’s holdings in Iridium Communications were worth $180,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IRDM. Victory Capital Management Inc. lifted its stake in shares of Iridium Communications by 6,491.3% in the 2nd quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock valued at $42,553,000 after purchasing an additional 1,574,280 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Iridium Communications by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock worth $65,897,000 after acquiring an additional 385,872 shares during the last quarter. American Century Companies Inc. lifted its position in Iridium Communications by 429.2% during the 2nd quarter. American Century Companies Inc. now owns 334,396 shares of the technology company’s stock worth $8,902,000 after acquiring an additional 271,203 shares during the last quarter. FMR LLC lifted its position in Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after acquiring an additional 198,360 shares during the last quarter. Finally, Van Berkom & Associates Inc. lifted its position in Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after acquiring an additional 152,232 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Stock Up 2.6 %

Shares of IRDM opened at $31.00 on Friday. The company has a 50-day simple moving average of $29.77 and a 200-day simple moving average of $28.21. The firm has a market capitalization of $3.53 billion, a P/E ratio of 32.98 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $41.66.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $212.77 million during the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. On average, equities research analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications announced that its Board of Directors has authorized a stock buyback program on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 14.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Activity

In related news, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the sale, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the completion of the sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Iridium Communications Profile

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.