Iridium Communications Inc. (NASDAQ:IRDM) Shares Purchased by Quest Partners LLC

Quest Partners LLC raised its position in Iridium Communications Inc. (NASDAQ:IRDM) by 182.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,877 shares of the technology company’s stock after acquiring an additional 8,959 shares during the period. Quest Partners LLC’s holdings in Iridium Communications were worth $423,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Iridium Communications by 2.9% in the first quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after acquiring an additional 336,989 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Iridium Communications during the 1st quarter worth $29,000. Bayesian Capital Management LP acquired a new stake in shares of Iridium Communications during the 1st quarter worth about $544,000. Jacobs Levy Equity Management Inc. raised its holdings in Iridium Communications by 13.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,213,709 shares of the technology company’s stock valued at $31,751,000 after buying an additional 144,710 shares during the period. Finally, Tidal Investments LLC acquired a new position in Iridium Communications in the first quarter valued at about $1,626,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Insider Buying and Selling at Iridium Communications

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

Iridium Communications Price Performance

IRDM opened at $29.40 on Monday. The stock’s 50-day moving average price is $29.58 and its 200 day moving average price is $28.23. Iridium Communications Inc. has a 12-month low of $24.14 and a 12-month high of $41.66. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 31.28 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. The business had revenue of $212.77 million for the quarter, compared to analysts’ expectations of $205.68 million. As a group, sell-side analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its board has approved a stock repurchase plan on Thursday, September 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 14.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

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

Iridium Communications Company 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.