CreativeOne Wealth LLC Invests $539,000 in Iridium Communications Inc. (NASDAQ:IRDM)

CreativeOne Wealth LLC acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 17,693 shares of the technology company’s stock, valued at approximately $539,000.

Several other institutional investors have also recently added to or reduced their stakes in IRDM. State of Alaska Department of Revenue boosted its holdings in shares of Iridium Communications by 2.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock valued at $418,000 after purchasing an additional 375 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Iridium Communications by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after buying an additional 462 shares during the period. GAMMA Investing LLC boosted its holdings in Iridium Communications by 25.2% in the third quarter. GAMMA Investing LLC now owns 2,399 shares of the technology company’s stock valued at $73,000 after acquiring an additional 483 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in Iridium Communications by 6.2% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after acquiring an additional 671 shares during the period. Finally, Mcdonald Partners LLC increased its stake in Iridium Communications by 4.1% during the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after acquiring an additional 700 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Iridium Communications news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s 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 completion of the sale, the insider now owns 182,797 shares in the company, valued at $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 is available through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 directly owns 254,824 shares in the company, valued at approximately $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 Stock Performance

NASDAQ:IRDM opened at $29.72 on Monday. The firm’s fifty day simple moving average is $29.72 and its 200 day simple moving average is $28.22. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 31.62 and a beta of 0.65.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, October 17th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The company had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%. As a group, equities research analysts expect that Iridium Communications Inc. will post 0.8 earnings per share for the current fiscal year.

Iridium Communications announced that its board has initiated a stock repurchase plan on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Separately, BWS Financial reaffirmed a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research note on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

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.