Iridium Communications Inc. (NASDAQ:IRDM) Stock Holdings Decreased by Picton Mahoney Asset Management

Picton Mahoney Asset Management lessened its position in Iridium Communications Inc. (NASDAQ:IRDM) by 60.8% in the 4th quarter, Holdings Channel reports. The fund owned 46,150 shares of the technology company’s stock after selling 71,457 shares during the period. Picton Mahoney Asset Management’s holdings in Iridium Communications were worth $1,898,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRDM. Allspring Global Investments Holdings LLC acquired a new position in Iridium Communications in the 4th quarter valued at approximately $41,000. Covestor Ltd raised its holdings in shares of Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after acquiring an additional 457 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Iridium Communications during the fourth quarter valued at $60,000. ORG Partners LLC grew its stake in Iridium Communications by 20.6% in the fourth quarter. ORG Partners LLC now owns 3,216 shares of the technology company’s stock valued at $132,000 after purchasing an additional 550 shares in the last quarter. Finally, Malaga Cove Capital LLC acquired a new position in Iridium Communications in the 3rd quarter worth about $234,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Barclays lifted their price objective on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a report on Monday, April 22nd. Finally, Raymond James cut their target price on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and an average target price of $44.75.

Iridium Communications Trading Down 1.1 %

Shares of NASDAQ:IRDM opened at $30.00 on Thursday. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The stock’s 50-day moving average is $27.57 and its 200-day moving average is $33.71. The company has a market cap of $3.64 billion, a P/E ratio of 142.86 and a beta of 0.78. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $65.12.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The business had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. During the same quarter last year, the company posted $0.08 earnings per share. Iridium Communications’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts predict that Iridium Communications Inc. will post 0.73 earnings per share for the current year.

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.