Insider Buying: Iridium Communications Inc (IRDM) Director Acquires $498,217.50 in Stock

Iridium Communications Inc (NASDAQ:IRDM) Director A B. Krongard acquired 45,750 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was acquired at an average price of $10.89 per share, with a total value of $498,217.50. Following the purchase, the director now owns 149,788 shares in the company, valued at approximately $1,631,191.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Shares of Iridium Communications Inc (NASDAQ IRDM) opened at $11.10 on Thursday. Iridium Communications Inc has a fifty-two week low of $7.80 and a fifty-two week high of $12.90. The company has a current ratio of 2.78, a quick ratio of 2.67 and a debt-to-equity ratio of 1.17. The company has a market cap of $1,092.38, a PE ratio of 12.12, a price-to-earnings-growth ratio of 2.68 and a beta of 1.78.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million for the quarter, compared to analyst estimates of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. equities analysts forecast that Iridium Communications Inc will post 0.83 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of IRDM. OppenheimerFunds Inc. boosted its stake in shares of Iridium Communications by 36.6% in the 1st quarter. OppenheimerFunds Inc. now owns 37,146 shares of the technology company’s stock valued at $358,000 after purchasing an additional 9,945 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Iridium Communications by 2.4% in the 1st quarter. Teachers Advisors LLC now owns 208,635 shares of the technology company’s stock valued at $2,013,000 after purchasing an additional 4,872 shares during the last quarter. Thrivent Financial For Lutherans boosted its stake in shares of Iridium Communications by 8.3% in the 1st quarter. Thrivent Financial For Lutherans now owns 45,410 shares of the technology company’s stock valued at $438,000 after purchasing an additional 3,470 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Iridium Communications by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after purchasing an additional 457,168 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Iridium Communications by 4.3% in the 1st quarter. Geode Capital Management LLC now owns 666,306 shares of the technology company’s stock valued at $6,429,000 after purchasing an additional 27,463 shares during the last quarter.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “sell” rating in a research report on Saturday, October 28th. TheStreet upgraded shares of Iridium Communications from a “c+” rating to a “b” rating in a research report on Friday, October 27th. Wells Fargo & Company increased their target price on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research report on Friday, October 27th. ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, Drexel Hamilton reiterated a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $12.33.

About Iridium Communications

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

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