Insider Bets Paying Off At IRDM As New 52-Week High Reached

In trading on Monday, shares of Iridium Communications Inc (IRDM) touched a new 52-week high of $9.45/share. That's a 53.91% rise, or $3.31 per share from the 52-week low of $6.14 set back on 02/11/2016. That means at today's intraday high, any investor who purchased IRDM stock any time over the past 52 weeks has an unrealized gain, including company insiders.

Over the past six months, insiders have been scooping up shares, and those bets are now paying off handsomely. As summarized by the table below, IRDM has seen 2 different instances of insiders buying over the trailing six month period.

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Purchased Insider Title Shares Price/Share Value
09/07/2016 Barry West Director 10,000 $7.25 $72,500.00
09/09/2016 Matthew J. Desch Chief Executive Officer 15,000 $6.98 $104,700.00

The chart below shows where IRDM has traded over the past year, with the 50-day and 200-day moving averages included.

Iridium Communications Inc Moving Averages Chart

In afternoon trading on Monday, IRDM shares are changing hands at $8.78/share, slightly below the new 52-week high.

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