Short Interest in Iridium Communications Inc. (NASDAQ:IRDM) Increases By 22.2%

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

Iridium Communications Stock Down 0.7 %

Shares of IRDM stock traded down $0.20 during trading on Wednesday, reaching $27.12. The company’s stock had a trading volume of 124,540 shares, compared to its average volume of 1,113,735. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 28.55, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock’s 50-day moving average price is $29.46 and its 200 day moving average price is $29.48.

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

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s payout ratio is 58.95%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Iridium Communications

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its position in shares of Iridium Communications by 5.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,157 shares of the technology company’s stock valued at $701,000 after purchasing an additional 1,300 shares during the period. Castle Rock Wealth Management LLC acquired a new position in shares of Iridium Communications in the fourth quarter valued at approximately $1,918,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of Iridium Communications during the fourth quarter worth approximately $273,000. PharVision Advisers LLC purchased a new position in Iridium Communications in the 4th quarter valued at $873,000. Finally, Two Sigma Advisers LP lifted its stake in shares of Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after acquiring an additional 500 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.