Company shares are trading at $420.93 significantly above $379.96, the stock’s 50 day moving average and impressively higher than the 200 day moving average of $370.19. The 50 day moving average moved up $40.96 and the 200 day average moved up $50.74. (NASDAQ:IRDMB) shares saw heavy trading volume with 2,629 shares changing hands by the end of trading on Tuesday. Volume was up 130.82% over the stocks average daily volume.
Investors are a little more bearish on Iridium Communications Inc – 6. of late looking at the uptick in short interest. The company realized a rise in short interest of 77.63% between September 29, 2017 and October 13, 2017. Short shares increased 59 over that timeframe. Days to cover decreased -2.0 to 0.0 and the short interest percentage is 0.00% as of October 13.
These funds have shifted positions in (IRDMB). As of quarter end Susquehanna International Group, Llp had bought a total of 99 shares growing its position 14.1%. The value of the investment in (IRDMB) increased from $242,000 to $278,000 a change of 14.9% quarter to quarter. Raymond James & Associates reduced its investment by selling 228 shares a decrease of 11.0% in the quarter. Raymond James & Associates now holds 1,836 shares valued at $709,000. The value of the position overall is down by 0.4%.
As of the end of the quarter Raymond James Financial Services Advisors, Inc. had disposed of 15 shares trimming its holdings by 0.6%. The value of the investment in Iridium Communications Inc – 6. went from $981,000 to $911,000 a change of $70,000 quarter over quarter.
Iridium Communications Inc – 6. currently has a P/E ratio of 450.190 and the market cap of the company is 41.11B.
Iridium Communications Inc., launched on November 2, 2007, is involved 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. The Company 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. Its 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 Company utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. As of December 31, 2016, the Company sold its products and services to customers through a wholesale distribution network of approximately 65 service providers, approximately 195 value-added resellers (VARs) and approximately 80 value-added manufacturers (VAMs)..