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Shares of Iridium Communications (NASDAQ:IRDM) saw a significant growth in short interest in June. As of June 13th, there was short interest totalling 16,895,418 shares, a growth of 13.9% from the May 30th total of 14,833,497 shares, Stock Ratings Network.com reports. Based on an average daily volume of 1,597,163 shares, the days-to-cover ratio is currently 10.6 days. Currently, 23.2% of the company’s stock are sold short.

A number of analysts have recently weighed in on IRDM shares. Analysts at Wells Fargo & Co. initiated coverage on shares of Iridium Communications in a research note on Thursday, June 12th. They set a “market perform” rating on the stock. Separately, analysts at Raymond James upgraded shares of Iridium Communications from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, May 20th. They now have a $10.00 price target on the stock, up previously from $7.21. Finally, analysts at Macquarie upgraded shares of Iridium Communications from a “neutral” rating to an “outperform” rating in a research note on Monday, May 12th. They now have a $8.50 price target on the stock, up previously from $7.00. Three analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $8.32.

Iridium Communications (NASDAQ:IRDM) opened at 8.28 on Monday. Iridium Communications has a 52 week low of $5.37 and a 52 week high of $9.22. The stock’s 50-day moving average is $7.80 and its 200-day moving average is $6.98. The company has a market cap of $636.2 million and a P/E ratio of 11.19.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $98.00 million for the quarter, compared to the consensus estimate of $94.40 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts expect that Iridium Communications will post $0.68 EPS for the current fiscal year.

Iridium Communications Inc, is a provider of mobile voice and data communications services via satellite.

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