Iridium Communications (Nasdaq:IRDM) is trading at unusually high volume Wednesday with 1.9 million shares changing hands. It is currently at 4.1 times its average daily volume and trading up $1 (+12.2%).
NEW YORK ( TheStreet) -- Iridium Communications (Nasdaq: IRDM) is trading at unusually high volume Wednesday with 1.9 million shares changing hands. It is currently at 4.1 times its average daily volume and trading up $1 (+12.2%) at $9.21 as of 2:48 p.m. ET. Iridium has a market cap of $582.4 million and is part of the technology sector and telecommunications industry. Shares are down 0.5% year to date as of the close of trading on Tuesday. Iridium Communications Inc. provides satellite voice and data communications services to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company has a P/E ratio of 26.7, equal to the average telecommunications industry P/E ratio and above the S&P 500 P/E ratio of 16.1. TheStreet Ratings rates Iridium as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year. You can view the full Iridium Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. Interested in other stocks that are rising on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVUP to 95370 or select from multiple alert options.