Iridium Communications Target of Unusually Large Options Trading (IRDM)

Iridium Communications Inc (NASDAQ:IRDM) saw some unusual options trading on Monday. Traders acquired 4,962 put options on the company. This is an increase of approximately 1,588% compared to the typical daily volume of 294 put options.

Shares of Iridium Communications (NASDAQ:IRDM) opened at $11.70 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.78 and a quick ratio of 2.67. The company has a market capitalization of $1,150.00, a PE ratio of 14.81, a price-to-earnings-growth ratio of 4.07 and a beta of 1.77. Iridium Communications has a 1 year low of $7.80 and a 1 year high of $13.00.

A number of institutional investors and hedge funds have recently modified their holdings of IRDM. Northern Trust Corp increased its position in Iridium Communications by 64.1% in the second quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock worth $22,711,000 after buying an additional 803,190 shares in the last quarter. Royce & Associates LP increased its position in Iridium Communications by 29.9% in the fourth quarter. Royce & Associates LP now owns 1,181,843 shares of the technology company’s stock worth $13,946,000 after buying an additional 271,930 shares in the last quarter. Vanguard Group Inc. increased its position in Iridium Communications by 2.5% in the second quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock worth $113,271,000 after buying an additional 250,505 shares in the last quarter. Bank of Montreal Can increased its position in Iridium Communications by 2,291.8% in the fourth quarter. Bank of Montreal Can now owns 129,348 shares of the technology company’s stock worth $1,526,000 after buying an additional 123,940 shares in the last quarter. Finally, Arizona State Retirement System increased its position in Iridium Communications by 225.2% in the fourth quarter. Arizona State Retirement System now owns 139,965 shares of the technology company’s stock worth $1,652,000 after buying an additional 96,931 shares in the last quarter.

A number of research analysts have weighed in on IRDM shares. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Tuesday, December 26th. Wells Fargo & Co increased their target price on Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a report on Friday, October 27th. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. BidaskClub downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday, December 16th. Finally, TheStreet raised Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $13.00.

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Iridium Communications Company Profile

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

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