Iridium Communications Inc. (NASDAQ:IRDM) Sees Significant Increase in Short Interest

Iridium Communications Inc. (NASDAQ:IRDM) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 12,510,000 shares, an increase of 22.2% from the February 28th total of 10,240,000 shares. Based on an average daily trading volume, of 1,220,000 shares, the days-to-cover ratio is currently 10.3 days. Currently, 13.2% of the shares of the stock are short sold.

Iridium Communications Trading Down 5.4 %

NASDAQ IRDM opened at $25.58 on Friday. The stock has a market cap of $2.78 billion, a PE ratio of 26.93, a PEG ratio of 1.28 and a beta of 0.66. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $35.85. The company’s 50-day moving average price is $29.34 and its 200-day moving average price is $29.44. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Equities research analysts forecast that Iridium Communications will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s payout ratio is 58.95%.

Insider Buying and Selling at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. purchased a new stake in shares of Iridium Communications during the 4th quarter valued at $37,000. Pinnacle Holdings LLC boosted its position in shares of Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock worth $44,000 after purchasing an additional 477 shares in the last quarter. Fifth Third Bancorp grew its stake in Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock worth $63,000 after buying an additional 357 shares during the last quarter. Finally, Covestor Ltd increased its position in Iridium Communications by 529.6% during the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after buying an additional 2,113 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on IRDM shares. Barclays lowered their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Finally, StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, March 29th.

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.