Penserra Capital Management LLC Buys 5,173 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Penserra Capital Management LLC lifted its stake in Iridium Communications Inc. (NASDAQ:IRDM) by 9.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,640 shares of the technology company’s stock after acquiring an additional 5,173 shares during the quarter. Penserra Capital Management LLC owned 0.05% of Iridium Communications worth $1,816,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in IRDM. Algert Global LLC grew its position 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 purchasing an additional 128,018 shares during the period. Cerity Partners LLC purchased a new stake in Iridium Communications during the third quarter valued at $1,359,000. Meeder Asset Management Inc. bought a new position in Iridium Communications in the third quarter valued at about $407,000. Pathstone Holdings LLC boosted its position in Iridium Communications by 14.3% in the third quarter. Pathstone Holdings LLC now owns 61,825 shares of the technology company’s stock worth $1,883,000 after purchasing an additional 7,722 shares during the last quarter. Finally, Quest Partners LLC boosted its position in Iridium Communications by 182.2% in the third quarter. Quest Partners LLC now owns 13,877 shares of the technology company’s stock worth $423,000 after purchasing an additional 8,959 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Buying and Selling at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of Iridium Communications stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $29.48, for a total transaction of $130,301.60. Following the sale, the insider now owns 182,797 shares of the company’s stock, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the transaction, the director now owns 254,824 shares of the company’s stock, valued at $7,489,277.36. The trade was a 13.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $29.99 on Tuesday. The stock’s fifty day moving average is $29.62 and its 200 day moving average is $28.23. Iridium Communications Inc. has a one year low of $24.14 and a one year high of $41.66. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The stock has a market cap of $3.41 billion, a P/E ratio of 31.90 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The firm had revenue of $212.77 million for the quarter, compared to analysts’ expectations of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. Sell-side analysts anticipate that Iridium Communications Inc. will post 0.8 earnings per share for the current year.

Iridium Communications declared that its Board of Directors has authorized a share buyback program on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to buy up to 14.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Iridium Communications 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.