BAMCO, Inc. recently announced the acquisition of new stake in Iridium Communications Inc (NASDAQ:IRDM). The institutional investor has increased its shareholding in the Communication Services company by 0.40% to 14.58 million shares with purchase of 58818.0 shares. This fresh investment now brings its stake to 11.78% valued currently at $600.25 million. In addition, BlackRock Fund Advisors raised its holdings by 76400.0 to 10.53 million shares. And Capital Research & Management Co has lifted its position by 1.92% or 0.15 million shares – to 7.88 million shares.
With over 0.49 million Iridium Communications Inc (IRDM) shares trading Friday and a closing price of $38.34 on the day, the dollar volume was approximately $18.82 million. The shares have shown a negative half year performance of -36.44% and its price on 01/12/24 lost nearly -0.83%. Currently, there are 125.90M common shares owned by the public and among those 110.65M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for IRDM have a consensus price objective of $60.50. The analysts have set the share’s price value over the next 12 months at a high of $75.00 and a low of $45.00. The average price target is 36.63% above its recent price level and an upside to the estimated low will see the stock gain 14.8% over that period. But an upside of 48.88% will see the stock hit the forecast high price target while median target price for the stock is $59.00.
Insiders at the company have transacted a total of 120 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 56 of these insider trades were purchases, accounting for 714,721 shares. Insider sales of the common stock occurred on 64 occasions, with total insider shares sold totaling 548,842 shares.
The top 3 mutual fund holders in Iridium Communications Inc are Baron Growth Fund, American Funds Small Cap World Fu, and American Funds Growth Fund of Ame. Baron Growth Fund owns 7.7 million shares of the company’s stock, all valued at over $316.93 million. The company sold 75000.0 shares recently to bring their total holdings to about 6.22% of the shares outstanding. American Funds Small Cap World Fu bought 0.15 million shares to see its total holdings expand to 5.49 million shares valued at over $225.93 million and representing 4.43% of the shares outstanding. American Funds Growth Fund of Ame sold 13178.0 shares to bring its total holdings to over 3.93 million shares at a value of $161.89 million. American Funds Growth Fund of Ame now owns shares totaling to 3.18% of the shares outstanding.
Shares of Iridium Communications Inc (NASDAQ: IRDM) opened at $38.71, up $0.05 from a prior closing price of $38.66. However, the script later moved the day high at 39.39, down -0.83%. The company’s stock has a 5-day price change of -0.54% and -8.45% over the past three months. IRDM shares are trading -6.85% year to date (YTD), with the 12-month market performance down to -35.83% lower. It has a 12-month low price of $34.21 and touched a high of $68.34 over the same period. IRDM has an average intraday trading volume of 736.52K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.18%, -1.15%, and -24.47% respectively.
Institutional ownership of Iridium Communications Inc (NASDAQ: IRDM) shares accounts for 81.82% of the company’s 125.90M shares outstanding. Mutual fund holders own 27.29%, while other institutional holders and individual stakeholders account for 54.69% and 22.45% respectively.
It has a market capitalization of $4.75B and a beta (3y monthly) value of 0.95. The earnings-per-share (ttm) stands at -$0.19. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.14% over the week and 2.43% over the month.
Analysts forecast that Iridium Communications Inc (IRDM) will achieve an EPS of $0.03 for the current quarter, $0.03 for the next quarter and $0.27 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to decrease by -215.18%, and 481.64% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Iridium Communications Inc (IRDM) as a “Strong Buy” at a consensus score of 1.29. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IRDM, a number of firms have released research notes about the stock. Deutsche Bank stated their Buy rating for the stock in a research note on September 18, 2023, with the firm’s price target at $57.
