Iridium Communications Inc (NASDAQ:IRDM) shares saw an uptick in trading volume on Friday . 2,777,046 shares were traded during trading, an increase of 274% from the previous session’s volume of 742,709 shares.The stock last traded at $11.55 and had previously closed at $11.55.
A number of research firms recently commented on IRDM. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Tuesday, December 26th. ValuEngine lowered Iridium Communications from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, BidaskClub lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $13.00.
The company has a quick ratio of 1.83, a current ratio of 1.92 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $1,134.34, a P/E ratio of 6.31, a PEG ratio of 31.86 and a beta of 1.79.
A number of large investors have recently modified their holdings of IRDM. The Manufacturers Life Insurance Company boosted its stake in Iridium Communications by 2.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,750 shares of the technology company’s stock worth $738,000 after buying an additional 1,418 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Iridium Communications in the 3rd quarter worth about $286,000. Stevens Capital Management LP purchased a new position in shares of Iridium Communications in the 3rd quarter worth about $232,000. Prudential Financial Inc. raised its holdings in shares of Iridium Communications by 0.7% in the 3rd quarter. Prudential Financial Inc. now owns 1,299,599 shares of the technology company’s stock worth $13,386,000 after purchasing an additional 8,933 shares during the period. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Iridium Communications by 122.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 57,449 shares of the technology company’s stock worth $592,000 after purchasing an additional 31,663 shares during the period. 99.98% of the stock is currently owned by hedge funds and other institutional investors.
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Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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