Iridium Communications Inc (NASDAQ:IRDM) Short Interest Update

Iridium Communications Inc (NASDAQ:IRDM) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totaling 2,826,191 shares, a decline of 35.3% from the June 30th total of 4,367,799 shares. Based on an average trading volume of 2,225,094 shares, the days-to-cover ratio is currently 1.3 days. Currently, 2.7% of the shares of the company are short sold.

Institutional Investors Weigh In On Iridium Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tema ETFs LLC bought a new stake in Iridium Communications during the 2nd quarter worth approximately $16,961,000. Brave Asset Management Inc. bought a new position in shares of Iridium Communications in the second quarter worth approximately $247,000. GAMMA Investing LLC boosted its position in shares of Iridium Communications by 19.4% in the second quarter. GAMMA Investing LLC now owns 3,023 shares of the technology company’s stock worth $166,000 after purchasing an additional 491 shares during the period. Parallel Advisors LLC increased its stake in shares of Iridium Communications by 789.1% in the first quarter. Parallel Advisors LLC now owns 7,042 shares of the technology company’s stock worth $195,000 after purchasing an additional 6,250 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Iridium Communications by 11,143.3% in the first quarter. NewEdge Advisors LLC now owns 45,198 shares of the technology company’s stock worth $1,254,000 after purchasing an additional 44,796 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on IRDM. New Street Research upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Morgan Stanley boosted their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Oppenheimer increased their price target on Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Barclays raised their price target on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.67.

Iridium Communications Stock Down 0.6%

Shares of IRDM stock opened at $47.34 on Friday. The company has a current ratio of 2.78, a quick ratio of 2.31 and a debt-to-equity ratio of 3.70. Iridium Communications has a 12 month low of $15.65 and a 12 month high of $57.18. The stock has a market cap of $5.02 billion, a P/E ratio of 53.80, a P/E/G ratio of 3.86 and a beta of 0.87. The company has a 50 day simple moving average of $48.09 and a two-hundred day simple moving average of $35.84.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.19). The business had revenue of $225.24 million for the quarter, compared to analysts’ expectations of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.20 EPS. On average, research analysts expect that Iridium Communications will post 0.95 earnings per share for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 15th. Iridium Communications’s payout ratio is presently 68.18%.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.