Stock Mover of The Day: Today Iridium Communications Inc Stock Reaches 52-Week High

Stock Mover of The Day: Today Iridium Communications Inc Stock Reaches 52 Week High

The stock of Iridium Communications Inc (NASDAQ:IRDM) hit a new 52-week high and has $14.27 target or 65.00% above today’s $8.65 share price. The 5 months bullish chart indicates low risk for the $828.42M company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $14.27 price target is reached, the company will be worth $538.47 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 67,839 shares traded hands. Iridium Communications Inc (NASDAQ:IRDM) has risen 13.43% since April 19, 2016 and is uptrending. It has outperformed by 9.57% the S&P500.

According to Zacks Investment Research, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles.”

Insitutional Activity: The institutional sentiment decreased to 1.06 in Q2 2016. Its down 0.25, from 1.31 in 2016Q1. The ratio fall, as 19 funds sold all Iridium Communications Inc shares owned while 40 reduced positions. 16 funds bought stakes while 61 increased positions. They now own 89.24 million shares or 2.54% more from 87.02 million shares in 2016Q1.
Alliancebernstein Ltd Partnership last reported 106,240 shares in the company. Comml Bank Of Nova Scotia holds 0.01% of its portfolio in Iridium Communications Inc (NASDAQ:IRDM) for 137,657 shares. Cap Mgmt Associate New York last reported 0.76% of its portfolio in the stock. The New York-based Gabelli Funds Lc has invested 0% in Iridium Communications Inc (NASDAQ:IRDM). Denali Ltd Liability Co holds 0% or 43 shares in its portfolio. Proshare Advsrs Limited Liability Company accumulated 0% or 25,576 shares. First Trust Advsr Lp has invested 0% of its portfolio in Iridium Communications Inc (NASDAQ:IRDM). Blackrock Grp Limited accumulated 81,179 shares or 0% of the stock. Eqis Capital reported 42,562 shares or 0.03% of all its holdings. Grt Ltd Co has invested 0.1% of its portfolio in Iridium Communications Inc (NASDAQ:IRDM). Tru Department Mb National Bank & Trust N A reported 18,000 shares or 0.02% of all its holdings. Cibc Asset Management Inc has 10,893 shares for 0% of their US portfolio. State Board Of Administration Of Florida Retirement holds 0% or 50,536 shares in its portfolio. Louisiana State Employees Retirement Systems has 36,000 shares for 0.02% of their US portfolio. Moreover, Elk Creek Ptnrs Limited Liability Corporation has 0.56% invested in Iridium Communications Inc (NASDAQ:IRDM) for 994,958 shares.

Insider Transactions: Since September 7, 2016, the stock had 2 insider purchases, and 0 sales for $177,200 net activity. $104,700 worth of Iridium Communications Inc (NASDAQ:IRDM) was bought by DESCH MATTHEW J. Shares for $72,500 were bought by WEST BARRY.

More notable recent Iridium Communications Inc (NASDAQ:IRDM) news were published by: Fool.com which released: “Iridium Communications Inc Rockets Subscribers to Higher Orbit, but Expenses …” on August 04, 2016, also Equitiesfocus.com with their article: “Iridium Communications Inc (NASDAQ:IRDM) Stock Gets Revised Target Of $12.00” published on November 21, 2016, Nasdaq.com published: “Iridium Communications Inc. Reports 8% Rise In Q3 Profit” on October 27, 2016. More interesting news about Iridium Communications Inc (NASDAQ:IRDM) were released by: Fool.com and their article: “Iridium Communications Sets Its Sights on New Satellites” published on November 02, 2016 as well as Fool.com‘s news article titled: “Why Cummins, Centene, and Iridium Communications Slumped Today” with publication date: September 06, 2016.

IRDM Company Profile

Iridium Communications Inc., incorporated on November 2 2007, is a satellite communications firm that offers mobile voice and data communications services via satellite, and provides communications services offering true global coverage. The Firm provides services to businesses, the United States and foreign governments, non-governmental organizations and clients via its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure. The Company’s satellite network provides communications services to regions of the world, including remote land areas, open ocean, airways, the polar regions and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. The Firm utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. The Firm sells its services and products to clients through a wholesale distribution network of approximately 75 service providers, approximately 200 value-added resellers (VARs) and over 45 value-added manufacturers (VAMs).

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