CreativeOne Wealth LLC Acquires Shares of 17,693 Iridium Communications Inc. (NASDAQ:IRDM)

CreativeOne Wealth LLC purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 17,693 shares of the technology company's stock, valued at approximately $539,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cetera Investment Advisers bought a new stake in shares of Iridium Communications during the first quarter worth $1,939,000. GAMMA Investing LLC increased its stake in Iridium Communications by 157.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,916 shares of the technology company's stock worth $51,000 after purchasing an additional 1,172 shares in the last quarter. Mather Group LLC. acquired a new stake in Iridium Communications during the 2nd quarter worth approximately $32,000. Tealwood Asset Management Inc. lifted its stake in Iridium Communications by 61.5% in the second quarter. Tealwood Asset Management Inc. now owns 41,524 shares of the technology company's stock valued at $1,105,000 after buying an additional 15,817 shares in the last quarter. Finally, Diversified Trust Co acquired a new position in shares of Iridium Communications in the second quarter valued at approximately $406,000. 84.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a "neutral" rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Iridium Communications Stock Up 2.7 %

Shares of NASDAQ IRDM traded up $0.81 during mid-day trading on Monday, hitting $30.53. The company had a trading volume of 1,390,747 shares, compared to its average volume of 1,087,093. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The company has a market capitalization of $3.48 billion, a PE ratio of 31.62 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. The firm has a 50-day simple moving average of $29.72 and a two-hundred day simple moving average of $28.21.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $212.77 million for the quarter, compared to analyst estimates of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. On average, equities analysts expect that Iridium Communications Inc. will post 0.8 EPS for the current year.

Iridium Communications announced that its Board of Directors has initiated a share repurchase program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to buy up to 14.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. 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 value of $1,127,253.45. Following the transaction, the director now directly owns 254,824 shares in the company, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Iridium Communications 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.