Short Interest in Iridium Communications Inc. (NASDAQ:IRDM) Increases By 12.2%

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 8,640,000 shares, a growth of 12.2% from the November 30th total of 7,700,000 shares. Approximately 8.6% of the shares of the company are sold short. Based on an average daily volume of 1,090,000 shares, the days-to-cover ratio is currently 7.9 days.

Iridium Communications Stock Performance

Iridium Communications stock traded up $0.05 during mid-day trading on Wednesday, reaching $29.02. 750,351 shares of the stock traded hands, compared to its average volume of 1,072,512. The business's 50-day moving average is $29.51 and its 200-day moving average is $28.29. The stock has a market capitalization of $3.30 billion, a PE ratio of 30.87 and a beta of 0.65. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $41.40. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.01. The business had revenue of $212.77 million for the quarter, compared to analysts' expectations of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. As a group, sell-side analysts predict that Iridium Communications will post 0.8 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.93%. Iridium Communications's payout ratio is currently 59.57%.

Iridium Communications announced that its board has initiated a stock repurchase plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Two equities research 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $41.00.

Insider Transactions at Iridium Communications

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

Hedge Funds Weigh In On Iridium Communications

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company's stock valued at $27,000 after acquiring an additional 999 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Iridium Communications in the second quarter valued at approximately $45,000. Signaturefd LLC boosted its position in Iridium Communications by 83.7% in the second quarter. Signaturefd LLC now owns 1,822 shares of the technology company's stock valued at $49,000 after buying an additional 830 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Iridium Communications in the 3rd quarter worth approximately $57,000. Finally, GAMMA Investing LLC raised its position in Iridium Communications by 25.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company's stock worth $73,000 after buying an additional 483 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

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.