Quantbot Technologies LP Sells 36,537 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Quantbot Technologies LP trimmed its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 95.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,803 shares of the technology company's stock after selling 36,537 shares during the period. Quantbot Technologies LP's holdings in Iridium Communications were worth $55,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of IRDM. Allspring Global Investments Holdings LLC raised its position in 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 buying an additional 999 shares during the period. Mather Group LLC. acquired a new position in Iridium Communications in the 2nd quarter worth about $32,000. Blue Trust Inc. boosted its stake in shares of Iridium Communications by 109.7% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the technology company's stock worth $39,000 after acquiring an additional 780 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Iridium Communications during the 2nd quarter worth about $45,000. Finally, Fifth Third Bancorp boosted its stake in Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company's stock valued at $46,000 after purchasing an additional 1,324 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Iridium Communications news, Director Robert H. Niehaus sold 38,355 shares of Iridium Communications stock in a transaction 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 completion of the transaction, the director now 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the transaction, the insider now owns 182,797 shares of the company's stock, valued at approximately $5,388,855.56. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded up $0.79 during trading on Friday, hitting $31.00. 1,048,687 shares of the stock were exchanged, compared to its average volume of 1,016,670. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 32.98 and a beta of 0.65. Iridium Communications Inc. has a 1-year low of $24.14 and a 1-year high of $41.66. The company's fifty day simple moving average is $29.77 and its 200-day simple moving average is $28.21.

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

Iridium Communications announced that its board has authorized 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 reacquire 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.

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.