Iridium Communications Inc. (NASDAQ:IRDM) Short Interest Update

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) saw a significant growth in short interest in 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 daily volume of 1,220,000 shares, the days-to-cover ratio is currently 10.3 days. Currently, 13.2% of the company's stock are sold short.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction 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 transaction, the director now owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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Iridium Communications Stock Down 3.9 %

Iridium Communications stock traded down $0.99 during mid-day trading on Friday, reaching $24.59. The stock had a trading volume of 1,549,300 shares, compared to its average volume of 1,114,442. Iridium Communications has a one year low of $24.12 and a one year high of $35.85. The company has a 50-day moving average price of $29.22 and a two-hundred day moving average price of $29.41. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 25.88, a PEG ratio of 1.28 and a beta of 0.66. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. On average, analysts expect that Iridium Communications will post 0.89 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

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 $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Monday, March 17th. Iridium Communications's payout ratio is 58.95%.

Wall Street Analysts Forecast Growth

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

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.