Iridium Communications Inc. (NASDAQ:IRDM) Director Thomas C. Canfield Sells 10,036 Shares of Stock

Posted by Defense World Staff on Mar 1st, 2023

Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) Director Thomas C. Canfield sold 10,036 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $61.03, for a total value of $612,497.08. Following the sale, the director now owns 190,587 shares of the company’s stock, valued at approximately $11,631,524.61. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Iridium Communications Stock Up 1.0 %

NASDAQ IRDM opened at $61.37 on Wednesday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.88 and a current ratio of 2.16. The firm has a 50-day simple moving average of $58.04 and a 200 day simple moving average of $51.62. Iridium Communications Inc. has a twelve month low of $32.88 and a twelve month high of $65.41. The stock has a market cap of $7.73 billion, a PE ratio of 876.84 and a beta of 1.14.

Iridium Communications (NASDAQ:IRDM – Get Rating) last released its earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share for the quarter. Iridium Communications had a net margin of 1.21% and a return on equity of 0.75%. The company had revenue of $193.80 million during the quarter, compared to the consensus estimate of $172.52 million. During the same quarter in the previous year, the business posted ($0.04) EPS. The firm’s quarterly revenue was up 24.3% on a year-over-year basis. On average, research analysts forecast that Iridium Communications Inc. will post 0.09 EPS for the current year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Wednesday, March 15th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Tuesday, March 14th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC acquired a new stake in shares of Iridium Communications during the fourth quarter worth approximately $28,000. Dark Forest Capital Management LP acquired a new stake in shares of Iridium Communications during the fourth quarter worth approximately $29,000. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Iridium Communications during the fourth quarter worth approximately $30,000. ICA Group Wealth Management LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $36,000. Finally, Montag A & Associates Inc. acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 83.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IRDM shares. Raymond James increased their price objective on Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a research report on Friday, February 17th. StockNews.com downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Friday, February 17th. Finally, BWS Financial upped their price target on shares of Iridium Communications from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, January 9th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.75.

Iridium Communications Company Profile

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.