BNP Paribas Financial Markets Grows Stake in Iridium Communications Inc. (NASDAQ:IRDM)

BNP Paribas Financial Markets raised its holdings in shares of Iridium Communications Inc. (NASDAQ:IRDM - Free Report) by 250.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,906 shares of the technology company's stock after purchasing an additional 87,802 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.10% of Iridium Communications worth $5,059,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its holdings in shares of Iridium Communications by 25.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 8,034 shares of the technology company's stock worth $365,000 after buying an additional 1,622 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Iridium Communications by 45.7% in the third quarter. Daiwa Securities Group Inc. now owns 11,182 shares of the technology company's stock valued at $509,000 after purchasing an additional 3,507 shares during the last quarter. Main Street Financial Solutions LLC grew its position in shares of Iridium Communications by 14.6% in the third quarter. Main Street Financial Solutions LLC now owns 6,291 shares of the technology company's stock valued at $286,000 after purchasing an additional 803 shares during the last quarter. Capula Management Ltd bought a new position in shares of Iridium Communications during the third quarter worth approximately $483,000. Finally, Picton Mahoney Asset Management lifted its holdings in Iridium Communications by 13.1% during the 3rd quarter. Picton Mahoney Asset Management now owns 117,607 shares of the technology company's stock worth $5,352,000 after purchasing an additional 13,586 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

NASDAQ:IRDM traded down $0.04 on Monday, hitting $31.44. The company had a trading volume of 561,776 shares, compared to its average volume of 1,111,538. Iridium Communications Inc. has a 52 week low of $24.14 and a 52 week high of $65.12. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 149.71 and a beta of 0.78. The firm has a 50 day moving average of $27.83 and a two-hundred day moving average of $33.32.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.01. The company had revenue of $203.80 million during the quarter, compared to analysts' expectations of $193.84 million. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. Iridium Communications's revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 EPS. On average, research analysts anticipate that Iridium Communications Inc. will post 0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

IRDM has been the topic of several recent research reports. William Blair cut Iridium Communications from an "outperform" rating to a "market perform" rating in a research report on Thursday, February 15th. Raymond James dropped their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a "strong-buy" rating for the company in a research note on Friday, February 16th. BWS Financial restated a "neutral" rating and set a $30.00 target price on shares of Iridium Communications in a research report on Monday, April 22nd. Barclays lifted their price target on shares of Iridium Communications from $42.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, April 26th. Finally, TheStreet upgraded Iridium Communications from a "d+" rating to a "c-" rating in a research note on Thursday, February 15th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iridium Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.75.

Iridium Communications Company 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.