Iridium Communications (NASDAQ:IRDM) Sees Unusually-High Trading Volume – Here’s Why

Iridium Communications Inc. (NASDAQ:IRDM) saw an uptick in trading volume on Thursday . 817,416 shares changed hands during mid-day trading, a decline of 23% from the previous session’s volume of 1,066,526 shares.The stock last traded at $35.14 and had previously closed at $30.20.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Wednesday, July 24th. Barclays upped their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Stock Down 5.9 %

The stock has a market cap of $3.84 billion, a PE ratio of 150.48 and a beta of 0.65. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The firm has a fifty day moving average of $28.30 and a 200 day moving average of $27.96.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The business had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.24) EPS. On average, equities research analysts anticipate that Iridium Communications Inc. will post 0.81 EPS for the current fiscal year.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.77%. Iridium Communications’s dividend payout ratio is presently 266.67%.

Iridium Communications declared that its board has approved a share buyback plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Iridium Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Iridium Communications during the 1st quarter worth approximately $29,000. Mather Group LLC. purchased a new position in Iridium Communications during the 2nd quarter worth approximately $32,000. Blue Trust Inc. increased its position in Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after buying an additional 780 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in Iridium Communications in the second quarter valued at approximately $45,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Company 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.