Cantor Fitzgerald Begins Coverage on Iridium Communications (NASDAQ:IRDM)

Cantor Fitzgerald assumed coverage on shares of Iridium Communications (NASDAQ:IRDM) in a research report issued on Friday, MarketBeat reports. The firm set an “overweight” rating and a $40.00 price target on the technology company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 28.95% from the stock’s current price.

Separately, BWS Financial reaffirmed a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.75.

Iridium Communications Trading Up 5.5 %

Shares of NASDAQ:IRDM opened at $31.02 on Friday. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $37.13. The stock’s fifty day moving average price is $29.31 and its 200-day moving average price is $28.62. The company has a market cap of $3.53 billion, a P/E ratio of 33.00 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the transaction, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,977 shares of company stock valued at $488,593 in the last quarter. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IRDM. FMR LLC lifted its holdings in Iridium Communications by 26.7% during the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after purchasing an additional 198,360 shares in the last quarter. Weiss Asset Management LP bought a new stake in shares of Iridium Communications during the 3rd quarter valued at $4,614,000. Barclays PLC lifted its stake in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company’s stock valued at $26,093,000 after buying an additional 137,924 shares in the last quarter. Algert Global LLC boosted its holdings in Iridium Communications by 54.0% in the 3rd quarter. Algert Global LLC now owns 365,121 shares of the technology company’s stock worth $11,118,000 after buying an additional 128,018 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Iridium Communications by 237.6% in the 3rd quarter. Janus Henderson Group PLC now owns 175,677 shares of the technology company’s stock worth $5,349,000 after buying an additional 123,638 shares during the period. 84.36% of the stock is currently owned by institutional investors.

About Iridium Communications

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.