Plato Investment Management Ltd Invests $32,000 in Iridium Communications Inc. (NASDAQ:IRDM)

Plato Investment Management Ltd purchased a new position in shares of Iridium Communications Inc. (NASDAQ:IRDM) during the 4th quarter, HoldingsChannel reports. The firm purchased 1,099 shares of the technology company’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in Iridium Communications in the 4th quarter valued at $37,000. Capital Performance Advisors LLP acquired a new position in Iridium Communications in the 3rd quarter valued at $57,000. Fifth Third Bancorp grew its stake in Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after buying an additional 357 shares during the last quarter. GAMMA Investing LLC grew its stake in Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after buying an additional 1,074 shares during the last quarter. Finally, KBC Group NV grew its stake in Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after buying an additional 781 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by insiders.

Iridium Communications Price Performance

Shares of Iridium Communications stock opened at $30.59 on Thursday. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $35.85. The firm has a fifty day moving average price of $29.59 and a two-hundred day moving average price of $29.22. The company has a market cap of $3.33 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 1.28 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Analysts expect that Iridium Communications Inc. will post 0.89 EPS for the current year.

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.