"" Iridium Director Unloads Shares Amid Surge
Iridium Communications Inc. (NASDAQ:IRDM) director Eric T. Olson has sold 8,000 shares of the company's common stock, totaling $404,880, according to a recent transaction. The sale comes as the stock has surged 183% year-to-date, delivering a 109% return over the past year.
Olson directly holds 149,680.10 shares of Iridium Communications common stock, following the sale. The satellite communications company currently trades at a P/E ratio of 56 with a market capitalization of $5.2 billion, according to InvestingPro analysis. The stock is considered slightly overvalued relative to its Fair Value, placing it among companies on the most overvalued list.
Iridium Communications Inc. recently reported its second-quarter financial results, missing earnings expectations but surpassing revenue estimates set by analysts. The company's performance during the quarter has drawn attention from various analyst firms, although no upgrades or downgrades were reported. Investors and analysts will be watching for further updates from Iridium Communications Inc. as the year progresses.
Key Figures:
- Total shares sold: 8,000
- Total value sold: $404,880
- Weighted average price per share: $50.61
- Year-to-date return: 183%
- Market capitalization: $5.2 billion
- P/E ratio: 56
- Fair Value: Overvalued
