Jaffetilchin Investment Partners LLC Lowers Stock Holdings in Iridium Communications Inc (NASDAQ:IRDM)

Jaffetilchin Investment Partners LLC decreased its holdings in shares of Iridium Communications Inc (NASDAQ:IRDM) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,068 shares of the technology company’s stock after selling 758 shares during the quarter. Jaffetilchin Investment Partners LLC’s holdings in Iridium Communications were worth $1,271,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Oregon Public Employees Retirement Fund acquired a new position in Iridium Communications in the fourth quarter worth about $37,000. Strs Ohio bought a new stake in shares of Iridium Communications during the first quarter valued at approximately $55,000. Osborn Williams & Donohoe LLC bought a new stake in shares of Iridium Communications during the first quarter valued at approximately $56,000. Creative Financial Designs Inc. ADV raised its holdings in shares of Iridium Communications by 18.3% during the first quarter. Creative Financial Designs Inc. ADV now owns 2,780 shares of the technology company’s stock valued at $74,000 after buying an additional 430 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Iridium Communications by 427.4% during the first quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the technology company’s stock valued at $82,000 after buying an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 84.41% of the company’s stock.

In related news, EVP Bryan J. Hartin sold 103,000 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $27.13, for a total transaction of $2,794,390.00. Following the sale, the executive vice president now directly owns 192,562 shares in the company, valued at $5,224,207.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas Fitzpatrick sold 244,778 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $27.07, for a total transaction of $6,626,140.46. Following the sale, the chief financial officer now owns 574,128 shares in the company, valued at $15,541,644.96. The disclosure for this sale can be found here. Insiders have sold 431,289 shares of company stock worth $11,683,679 over the last three months. 5.00% of the stock is owned by insiders.

Several equities research analysts recently commented on the company. Raymond James cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and boosted their target price for the stock from $25.00 to $30.00 in a report on Wednesday, April 24th. Northland Securities reiterated a “sell” rating and set a $14.00 price objective on shares of Iridium Communications in a research report on Wednesday, March 20th. BidaskClub upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 20th. Finally, Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $23.50.

Iridium Communications stock traded up $0.16 on Monday, reaching $23.42. 621,808 shares of the stock were exchanged, compared to its average volume of 977,848. The firm has a market cap of $2.71 billion, a PE ratio of -167.29 and a beta of 2.12. The company’s fifty day moving average is $23.18. Iridium Communications Inc has a twelve month low of $15.90 and a twelve month high of $28.24. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.96 and a current ratio of 1.05.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.05. Iridium Communications had a negative net margin of 7.98% and a negative return on equity of 2.14%. The firm had revenue of $133.70 million for the quarter, compared to analysts’ expectations of $128.54 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. Equities analysts anticipate that Iridium Communications Inc will post -0.75 EPS for the current fiscal year.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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

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