Here Is What Hedge Funds Think About Iridium Communications Inc. (IRDM)

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As one would reasonably expect, key hedge funds have been driving this bullishness. Renaissance Technologies created the largest position in Iridium Communications Inc. (NASDAQ:IRDM). Renaissance Technologies had $1.1 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also made a $0.2 million investment in the stock during the quarter. The other funds with brand new IRDM positions are Paul Tudor Jones’ Tudor Investment Corp, Dmitry Balyasny’s Balyasny Asset Management, and Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Iridium Communications Inc. (NASDAQ:IRDM) but similarly valued. These stocks are Ashford Hospitality Trust, Inc. (NYSE:AHT), General Cable Corporation (NYSE:BGC), Viad Corp (NYSE:VVI), and ConnectOne Bancorp Inc (NASDAQ:CNOB). This group of stock market values resembles IRDM’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
AHT 18 81309 -2
BGC 16 61336 -2
VVI 15 84892 4
CNOB 9 34565 3

As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $66 million, versus $21 million in Iridium Communications Inc. (NASDAQ:IRDM)’s case. Ashford Hospitality Trust, Inc. (NYSE:AHT) is the most popular stock in this table, while ConnectOne Bancorp Inc (NASDAQ:CNOB) is the least popular one with only nine funds holding shares. Iridium Communications Inc. (NASDAQ:IRDM) is not the least popular stock in this group, but hedge fund interest is below average. This does not necessarily suggest that the stock does not represent a good investment, but we prefer to follow stocks that hedge funds are the most bullish on. In this regard, Ashford Hospitality Trust, Inc. (NYSE:AHT) might be a better candidate to consider a long position.

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