Swiss National Bank Has $10.58 Million Position in Iridium Communications Inc. (NASDAQ:IRDM)

Swiss National Bank lowered its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 0.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 265,500 shares of the technology company’s stock after selling 900 shares during the quarter. Swiss National Bank owned about 0.20% of Iridium Communications worth $10,580,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of IRDM. Xponance Inc. raised its position in shares of Iridium Communications by 1.5% during the third quarter. Xponance Inc. now owns 19,004 shares of the technology company’s stock worth $757,000 after acquiring an additional 289 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its position in shares of Iridium Communications by 0.4% during the third quarter. Riggs Asset Managment Co. Inc. now owns 65,794 shares of the technology company’s stock worth $2,622,000 after acquiring an additional 290 shares during the last quarter. CWM Advisors LLC raised its position in shares of Iridium Communications by 3.1% during the second quarter. CWM Advisors LLC now owns 10,230 shares of the technology company’s stock worth $409,000 after acquiring an additional 310 shares during the last quarter. Truist Financial Corp raised its position in shares of Iridium Communications by 3.6% during the third quarter. Truist Financial Corp now owns 9,027 shares of the technology company’s stock worth $359,000 after acquiring an additional 314 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Iridium Communications by 1.1% during the second quarter. AQR Capital Management LLC now owns 28,489 shares of the technology company’s stock worth $1,139,000 after acquiring an additional 323 shares during the last quarter. 94.39% of the stock is currently owned by institutional investors.

IRDM has been the subject of a number of recent research reports. Zacks Investment Research downgraded Iridium Communications from a “hold” rating to a “sell” rating and set a $45.00 target price for the company. in a research report on Thursday, October 21st. BWS Financial upgraded Iridium Communications from a “neutral” rating to a “buy” rating and upped their price objective for the company from $37.00 to $60.00 in a report on Wednesday, October 20th. Finally, Raymond James upped their price objective on Iridium Communications from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Wednesday, October 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $48.40.

Shares of Iridium Communications stock opened at $37.44 on Friday. Iridium Communications Inc. has a 1 year low of $32.85 and a 1 year high of $54.65. The business has a 50-day moving average of $40.46 and a two-hundred day moving average of $41.08. The company has a market capitalization of $4.95 billion, a P/E ratio of -416.00 and a beta of 1.10. The company has a debt-to-equity ratio of 1.20, a current ratio of 4.20 and a quick ratio of 3.95.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Monday, October 18th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). Iridium Communications had a negative return on equity of 0.84% and a negative net margin of 1.88%. The company had revenue of $162.20 million during the quarter, compared to the consensus estimate of $153.76 million. During the same period in the prior year, the company earned ($0.03) earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Iridium Communications Inc. will post -0.08 EPS for the current fiscal year.

About Iridium Communications

Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s principal lines of business include Land Mobile, Maritime, Aviation, IoT Data Services, Hosted Payloads and Other Data Services, and Government.

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Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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