Iridium Communications Inc (IRDM) COO S. Scott Smith Sells 3,500 Shares

Iridium Communications Inc (NASDAQ:IRDM) COO S. Scott Smith sold 3,500 shares of Iridium Communications stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $20.67, for a total value of $72,345.00. Following the sale, the chief operating officer now directly owns 221,034 shares of the company’s stock, valued at approximately $4,568,772.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

S. Scott Smith also recently made the following trade(s):

  • On Monday, October 29th, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $18.96, for a total value of $66,360.00.
  • On Monday, October 22nd, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $19.74, for a total value of $69,090.00.
  • On Monday, October 15th, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $19.10, for a total value of $66,850.00.
  • On Monday, October 8th, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $20.62, for a total value of $72,170.00.
  • On Monday, October 1st, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $23.08, for a total value of $80,780.00.
  • On Monday, September 24th, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $19.90, for a total value of $69,650.00.
  • On Monday, September 17th, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $20.06, for a total value of $70,210.00.
  • On Monday, September 10th, S. Scott Smith sold 3,500 shares of Iridium Communications stock. The stock was sold at an average price of $20.10, for a total value of $70,350.00.
  • On Monday, August 20th, S. Scott Smith sold 27,761 shares of Iridium Communications stock. The stock was sold at an average price of $20.55, for a total value of $570,488.55.

Shares of IRDM stock opened at $21.66 on Friday. The stock has a market capitalization of $2.28 billion, a PE ratio of 30.94 and a beta of 2.00. The company has a quick ratio of 1.46, a current ratio of 1.53 and a debt-to-equity ratio of 1.16. Iridium Communications Inc has a 52-week low of $10.75 and a 52-week high of $24.10.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 25th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.06). The company had revenue of $136.76 million during the quarter, compared to analyst estimates of $128.32 million. Iridium Communications had a net margin of 26.88% and a return on equity of 1.01%. As a group, equities research analysts expect that Iridium Communications Inc will post -0.2 earnings per share for the current fiscal year.

Several equities analysts have recently issued reports on IRDM shares. Zacks Investment Research cut Iridium Communications from a “hold” rating to a “strong sell” rating in a report on Saturday, October 27th. Northland Securities reissued a “hold” rating and issued a $14.75 price objective on shares of Iridium Communications in a report on Wednesday, August 1st. BidaskClub cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Barclays started coverage on Iridium Communications in a report on Tuesday, October 30th. They issued an “overweight” rating and a $26.00 price objective for the company. Finally, Raymond James boosted their price objective on Iridium Communications from $20.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $21.35.

Several hedge funds have recently modified their holdings of IRDM. BlackRock Inc. lifted its holdings in shares of Iridium Communications by 8.3% in the 2nd quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock valued at $200,630,000 after buying an additional 949,870 shares during the period. Renaissance Technologies LLC raised its holdings in Iridium Communications by 187.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,038,600 shares of the technology company’s stock worth $16,721,000 after purchasing an additional 677,100 shares during the period. Dimensional Fund Advisors LP raised its holdings in Iridium Communications by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock worth $72,860,000 after purchasing an additional 594,513 shares during the period. EAM Investors LLC acquired a new position in Iridium Communications in the 2nd quarter worth about $3,451,000. Finally, Monarch Partners Asset Management LLC acquired a new position in Iridium Communications in the 2nd quarter worth about $2,574,000. 85.83% of the stock is owned by institutional investors and hedge funds.

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About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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