ARK Investment Management LLC Buys 1,156,580 Shares of Iridium Communications Inc $IRDM

ARK Investment Management LLC lifted its stake in shares of Iridium Communications Inc (NASDAQ:IRDM) by 21.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,490,108 shares of the technology company’s stock after buying an additional 1,156,580 shares during the period. ARK Investment Management LLC owned about 0.06% of Iridium Communications worth $113,317,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in shares of Iridium Communications by 118.7% in the third quarter. Victory Capital Management Inc. now owns 249,593 shares of the technology company’s stock valued at $4,358,000 after purchasing an additional 135,445 shares during the last quarter. Elo Mutual Pension Insurance Co grew its position in Iridium Communications by 173.6% in the 3rd quarter. Elo Mutual Pension Insurance Co now owns 75,043 shares of the technology company’s stock worth $1,310,000 after purchasing an additional 47,612 shares in the last quarter. American Century Companies Inc. increased its stake in Iridium Communications by 9.0% in the 3rd quarter. American Century Companies Inc. now owns 2,878,902 shares of the technology company’s stock valued at $50,266,000 after buying an additional 238,244 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Iridium Communications during the 3rd quarter worth approximately $384,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Iridium Communications in the 3rd quarter worth approximately $46,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Stock Performance

Iridium Communications stock opened at $24.51 on Thursday. Iridium Communications Inc has a 1-year low of $15.65 and a 1-year high of $33.34. The company has a current ratio of 2.48, a quick ratio of 1.82 and a debt-to-equity ratio of 3.80. The firm has a market capitalization of $2.57 billion, a PE ratio of 23.12, a price-to-earnings-growth ratio of 1.64 and a beta of 0.60. The firm’s 50 day simple moving average is $20.52 and its 200 day simple moving average is $19.47.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $212.94 million for the quarter, compared to analyst estimates of $219.14 million. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS. As a group, analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on IRDM. Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a research report on Thursday, January 22nd. BWS Financial reissued a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a report on Tuesday, February 17th. Finally, 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 research report on Wednesday, February 18th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.40.

Iridium Communications Profile

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.