Iridium Communications Inc (NASDAQ:IRDM) Short Interest Update

Iridium Communications Inc (NASDAQ:IRDM) was the target of a significant decline in short interest in February. As of February 27th, there was short interest totaling 7,003,160 shares, a decline of 20.6% from the February 12th total of 8,818,552 shares. Based on an average daily trading volume, of 1,644,109 shares, the days-to-cover ratio is currently 4.3 days. Approximately 6.8% of the company’s stock are sold short. Approximately 6.8% of the company’s stock are sold short. Based on an average daily trading volume, of 1,644,109 shares, the days-to-cover ratio is currently 4.3 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC raised its stake in Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after acquiring an additional 741 shares in the last quarter. Hantz Financial Services Inc. lifted its position in Iridium Communications by 184.7% in the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after acquiring an additional 977 shares during the last quarter. Larson Financial Group LLC boosted its stake in Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Iridium Communications in the fourth quarter valued at $27,000. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Iridium Communications during the third quarter worth about $32,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

IRDM has been the topic of several analyst reports. Morgan Stanley raised their target price on shares of Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Finally, BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday, February 17th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $25.40.

Iridium Communications Stock Up 0.3%

Shares of NASDAQ:IRDM traded up $0.08 on Friday, hitting $24.86. 1,526,524 shares of the company’s stock were exchanged, compared to its average volume of 1,900,646. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $33.34. The company has a market capitalization of $2.61 billion, a PE ratio of 23.45, a P/E/G ratio of 1.72 and a beta of 0.60. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48. The firm’s 50-day moving average is $21.51 and its 200 day moving average is $19.47.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The business’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. Sell-side analysts predict that Iridium Communications will post 0.89 EPS for the current year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. Iridium Communications’s dividend payout ratio (DPR) is presently 56.60%.

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.