Iridium Communications Inc. (NASDAQ:IRDM) to buy $300 million of Iridium common stock

On Feb. 10, 2021, Iridium Communications Inc. (NASDAQ:IRDM) declared that its Board of Directors has authorized the repurchase of up to $300 million of Iridium common stock through December 31, 2022. This time frame can also be extended or shortened by the Board of Directors.  Share purchases will be executed opportunistically, with the aim of maximizing return on investment, while maintaining the company’s forecasted deleveraging targets. Repurchases, if any, will be made from time-to-time on the open market at prevailing prices or in negotiated transactions off the market.

Commenting on the new share repurchase program, Iridium CEO Matt Desch said, Iridium has completed a striking financial transformation over the past few years. The company’s financial focus has evolved from a capital-intensive network replenishment program to rapid deleveraging as a result of growing free-cash-flow generation and ongoing business momentum. It is incredibly gratifying to now begin the process of rewarding our shareholders with this program.

The USA based company Iridium Communications Inc. moved with change of -0.02% to $47.5 with the total traded volume of 3265817 shares in recent session versus to an average volume of 839.45K shares. The stock was observed in the 5 days activity at -7.62%. The one month performance of stock was 10.34%. IRDM’s shares are at 61.45% for the quarter and driving a 53.50% return over the course of the past year and is now at 20.79% since this point in 2018.  Right now the stock beta is 1.21. The average volatility for the week and month was at 4.92% and 4.83% respectively. There are 133.76M shares outstanding and 116.92M shares are floated in market.

Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.

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