Maxi Investments CY Ltd Buys Shares of 424,000 Iridium Communications Inc $IRDM

Key Points

• Maxi Investments CY Ltd opened a new position in Iridium Communications, buying 424,000 shares (~$7.37 million), which equals about 1.3% of the fund's portfolio and makes IRDM its 19th largest holding (Maxi owns 0.40% of Iridium).
• Iridium recently missed quarterly EPS ($0.20 vs. $0.27 consensus) while reporting $219.1 million in revenue (up 2% year-over-year); the company has a market cap of ~$4.25 billion and a P/E of 40.6, with a 12‑month trading range of $15.65–$44.36.
• Institutional ownership is high at 84.36%, and analyst sentiment is mixed with an average "Hold" rating and $26 average target (ratings span from Sell to Overweight, with targets as high as $36).

Maxi Investments CY Ltd acquired a new position in Iridium Communications Inc (NASDAQ:IRDM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 424,000 shares of the technology company's stock, valued at approximately $7,369,000. Iridium Communications makes up about 1.3% of Maxi Investments CY Ltd's investment portfolio, making the stock its 19th biggest position. Maxi Investments CY Ltd owned 0.40% of Iridium Communications as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in IRDM. Quantinno Capital Management LP lifted its position in Iridium Communications by 3.1% during the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company's stock worth $459,000 after buying an additional 461 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Iridium Communications by 36.2% during the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company's stock worth $54,000 after acquiring an additional 812 shares in the last quarter. Salomon & Ludwin LLC boosted its position in Iridium Communications by 21.1% during the fourth quarter. Salomon & Ludwin LLC now owns 4,714 shares of the technology company's stock valued at $85,000 after purchasing an additional 820 shares during the last quarter. Hantz Financial Services Inc. grew its stake in Iridium Communications by 184.7% in the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company's stock valued at $26,000 after purchasing an additional 977 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company's stock worth $26,000 after purchasing an additional 1,202 shares during the last quarter. Institutional investors own 84.36% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IRDM. BWS Financial reissued a "sell" rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Monday, April 27th. Raymond James Financial reaffirmed a "market perform" rating on shares of Iridium Communications in a report on Friday, April 24th. Weiss Ratings upgraded shares of Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, March 10th. Morgan Stanley increased their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 18th. Finally, Barclays upped their target price on Iridium Communications from $25.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $26.00.

Iridium Communications Stock Down 1.0%

Shares of NASDAQ:IRDM opened at $40.19 on Friday. The business has a fifty day simple moving average of $31.41 and a 200 day simple moving average of $23.13. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74. The firm has a market cap of $4.25 billion, a P/E ratio of 40.60, a P/E/G ratio of 2.73 and a beta of 0.79. Iridium Communications Inc has a 12-month low of $15.65 and a 12-month high of $44.36.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Thursday, April 23rd. The technology company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. During the same quarter in the previous year, the company earned $0.27 earnings per share. The business's revenue was up 2.0% on a year-over-year basis. Analysts predict that Iridium Communications Inc will post 1.06 earnings per share for the current year.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Iridium Communications's dividend payout ratio (DPR) is 60.61%.

Insider Activity

In related news, CAO Timothy Kapalka sold 3,790 shares of the company's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $31.00, for a total transaction of $117,490.00. Following the sale, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. This represents a 7.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by corporate insiders.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

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