Iridium Communications Inc $IRDM Shares Sold by Inspire Investing LLC

Inspire Investing LLC cut its stake in Iridium Communications Inc (NASDAQ:IRDM) by 77.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,418 shares of the technology company’s stock after selling 84,747 shares during the period. Inspire Investing LLC’s holdings in Iridium Communications were worth $677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Iridium Communications by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock worth $176,533,000 after buying an additional 677,258 shares during the last quarter. ARK Investment Management LLC increased its stake in shares of Iridium Communications by 21.7% in the 3rd quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after acquiring an additional 1,156,580 shares during the last quarter. Silver Heights Capital Management Inc increased its stake in shares of Iridium Communications by 1.2% in the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock worth $91,265,000 after acquiring an additional 61,430 shares during the last quarter. State Street Corp raised its holdings in shares of Iridium Communications by 18.0% during the 4th quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock worth $82,759,000 after acquiring an additional 725,856 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Iridium Communications by 265.8% during the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after acquiring an additional 2,208,857 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.

Insider Buying and Selling at Iridium Communications

In related news, CAO Timothy Kapalka sold 2,043 shares of Iridium Communications stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $33.00, for a total value of $67,419.00. Following the completion of the sale, the chief accounting officer owned 45,721 shares in the company, valued at approximately $1,508,793. This trade represents a 4.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.70% of the company’s stock.

More Iridium Communications News

Here are the key news stories impacting Iridium Communications this week:

• Positive Sentiment: Iridium announced a definitive agreement to be acquired by Rocket Lab, a deal that gives IRDM holders cash plus Rocket Lab stock and has driven takeover speculation and merger-arbitrage interest. Rocket Lab Stock In Focus After Announcing $8 Billion Acquisition Of Iridium Communications
• Positive Sentiment: Analysts raised attention on Iridium’s valuation after the takeover announcement, and Morgan Stanley lifted its price target to $54, reflecting stronger perceived value for the shares. Morgan Stanley price target update
• Neutral Sentiment: Multiple shareholder-law investigations have been announced to examine whether the proposed sale process and deal price are fair, which adds some uncertainty but does not change the core transaction terms yet. Investor Alert: Kahn Swick & Foti investigation
• Neutral Sentiment: Market coverage suggests the acquisition could reshape the space sector and potentially influence other names, keeping IRDM in focus as investors assess the deal’s broader implications. Rocket Lab Stock Surges as Iridium Deal Feeds Market Appetite for Space
• Negative Sentiment: Law firms are investigating whether shareholders are getting a fair deal, signaling possible litigation risk and some concern that the transaction terms could be challenged. Halper Sadeh investigation

Analysts Set New Price Targets

A number of brokerages recently issued reports on IRDM. Oppenheimer upped their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. New Street Research began coverage on shares of Iridium Communications in a research note on Thursday, May 14th. They set a “neutral” rating and a $40.00 target price on the stock. Barclays boosted their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Morgan Stanley increased their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.67.

Iridium Communications Stock Up 1.6%

Shares of IRDM opened at $55.72 on Thursday. The firm has a market cap of $5.89 billion, a P/E ratio of 56.28, a price-to-earnings-growth ratio of 3.67 and a beta of 0.87. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $56.61. The company’s 50-day moving average price is $45.05 and its 200 day moving average price is $31.19. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company had revenue of $219.06 million during the quarter, compared to analyst estimates of $218.39 million. During the same period in the previous year, the company earned $0.27 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts forecast that Iridium Communications Inc will post 1.06 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Monday, June 15th. Iridium Communications’s dividend payout ratio is currently 60.61%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.