Iridium Communications (NASDAQ:IRDM) Coverage Initiated at Cantor Fitzgerald

Equities researchers at Cantor Fitzgerald initiated coverage on shares of Iridium Communications (NASDAQ:IRDM) in a research note issued on Friday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $40.00 price target on the technology company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 36.01% from the company’s current price.

Separately, BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iridium Communications currently has an average rating of “Moderate Buy” and an average price target of $40.75.

Iridium Communications Trading Up 1.0 %

Shares of IRDM opened at $29.41 on Friday. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $38.08. The business has a 50-day moving average of $29.26 and a 200 day moving average of $28.57. The firm has a market cap of $3.35 billion, a P/E ratio of 31.29 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62.

Insider Activity

In other news, insider Suzanne E. Mcbride sold 4,420 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $29.48, for a total transaction of $130,301.60. Following the completion of the transaction, the insider now directly owns 182,797 shares in the company, valued at $5,388,855.56. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,977 shares of company stock worth $488,593 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Iridium Communications

Large investors have recently modified their holdings of the business. Pacer Advisors Inc. raised its stake in Iridium Communications by 4.2% in the fourth quarter. Pacer Advisors Inc. now owns 741,577 shares of the technology company’s stock valued at $21,521,000 after purchasing an additional 29,821 shares in the last quarter. KBC Group NV increased its holdings in shares of Iridium Communications by 30.3% in the 4th quarter. KBC Group NV now owns 4,948 shares of the technology company’s stock worth $144,000 after buying an additional 1,152 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Iridium Communications by 19.8% during the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares in the last quarter. Inspire Investing LLC lifted its holdings in shares of Iridium Communications by 185.7% during the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company’s stock worth $1,256,000 after acquiring an additional 28,119 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Iridium Communications in the fourth quarter worth $186,000. 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.