Iridium Communications (NASDAQ:IRDM) Share Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Iridium Communications Inc (NASDAQ:IRDM) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $46.43 and traded as high as $47.59. Iridium Communications shares last traded at $47.29, with a volume of 553,966 shares.

Analyst Ratings Changes

Several research firms recently issued reports on IRDM. Weiss Ratings upgraded shares of Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, October 21st. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has an average rating of “Hold” and a consensus price target of $41.20.

Iridium Communications Price Performance

The company has a debt-to-equity ratio of 3.34, a current ratio of 0.91 and a quick ratio of 0.72. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 30.38, a PEG ratio of 3.55 and a beta of 0.87. The business’s fifty day simple moving average is $46.39 and its 200 day simple moving average is $40.81.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, October 20th. The technology company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.64. The firm had revenue of $245.73 million for the quarter, compared to analyst estimates of $236.30 million. Iridium Communications had a net margin of 18.06% and a return on equity of 22.04%. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, research analysts forecast that Iridium Communications Inc will post 1.00 EPS for the current year.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, insider Kathleen Morgan sold 33,192 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.35, for a total value of $1,671,217.20. Following the transaction, the insider owned 124,871 shares in the company, valued at approximately $6,287,254.85. This represents a 21.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Fitzpatrick sold 209,233 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.22, for a total value of $10,507,681.26. Following the completion of the transaction, the director owned 58,306 shares in the company, valued at approximately $2,928,127.32. The trade was a 78.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 381,688 shares of company stock worth $19,146,390 in the last quarter. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE acquired a new position in Iridium Communications during the second quarter worth $13,446,000. Edgestream Partners L.P. bought a new position in shares of Iridium Communications in the first quarter valued at $2,083,000. Hsbc Holdings PLC bought a new position in shares of Iridium Communications in the second quarter valued at $781,000. Fifth Third Bancorp increased its position in shares of Iridium Communications by 2,810.5% during the first quarter. Fifth Third Bancorp now owns 39,786 shares of the technology company’s stock worth $1,104,000 after acquiring an additional 38,419 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Iridium Communications by 9.8% in the 1st quarter. Janus Henderson Group PLC now owns 306,684 shares of the technology company’s stock worth $8,508,000 after acquiring an additional 27,325 shares during the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

About Iridium Communications

Iridium Communications provides satellite voice and data services through a low Earth orbit constellation designed to deliver coverage across the globe, including polar regions and remote areas beyond the reach of many terrestrial networks. Its customers include businesses, government agencies, and individuals working on land, at sea, and in the air. The company offers satellite phones, voice and broadband connectivity, push-to-talk communications, and Internet of Things services. Its Iridium Certus platform supports voice and data applications, while its network also carries safety and operational communications for sectors such as maritime, aviation, and government.