Iridium Communications Inc. (NASDAQ:IRDM) Short Interest Down 6.3% in June

Iridium Communications Inc. (NASDAQ:IRDM) was the target of a significant drop in short interest in June. As of June 15th, there was short interest totalling 4,930,000 shares, a drop of 6.3% from the May 31st total of 5,260,000 shares. Based on an average daily volume of 1,100,000 shares, the short-interest ratio is presently 4.5 days. Currently, 4.6% of the shares of the stock are sold short.

Institutional Trading of Iridium Communications

Hedge funds have recently made changes to their positions in the business. Northwest Financial Advisors acquired a new stake in Iridium Communications in the fourth quarter valued at approximately $26,000. Acadian Asset Management LLC acquired a new stake in Iridium Communications in the first quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC acquired a new stake in Iridium Communications in the fourth quarter valued at approximately $41,000. Covestor Ltd increased its stake in Iridium Communications by 1,033.5% in the first quarter. Covestor Ltd now owns 1,791 shares of the technology company’s stock valued at $47,000 after purchasing an additional 1,633 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Iridium Communications by 157.5% in the second quarter. GAMMA Investing LLC now owns 1,916 shares of the technology company’s stock valued at $51,000 after purchasing an additional 1,172 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

IRDM has been the subject of a number of recent research reports. BWS Financial reiterated a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research report on Monday, April 22nd. Barclays increased their target price on shares of Iridium Communications from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Iridium Communications Trading Up 0.4 %

Shares of NASDAQ:IRDM traded up $0.10 during mid-day trading on Tuesday, reaching $26.66. 553,358 shares of the company were exchanged, compared to its average volume of 1,104,178. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $61.84. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. The firm’s 50-day simple moving average is $28.88 and its 200 day simple moving average is $31.05. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 126.95 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the business posted $0.08 earnings per share. Equities research analysts forecast that Iridium Communications will post 0.74 EPS for the current year.

Iridium Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Friday, June 14th. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. Iridium Communications’s dividend payout ratio is currently 266.67%.

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.