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Iridium Communications Shares Up 7%

Shares of Iridium Communications Inc. (IRDM) are currently trading at $43.65, up $3.03 or 7.46%, with trading volume of over 360K versus an average volume of 658K shares. The stock has been trading in the range of $23.65 - $54.65 for the past one year.

There are no recent company-specific news that could be attributed to today's stock movement.

Last month, while reporting financial results for the second quarter, Iridium raised its full-year 2021 total service revenue growth guidance, citing strong subscriber growth during the first half of the year.

For fiscal 2021, the company projected service revenue growth of 4% - 5%, compared to the $463.1 million reported in 2020. Previously, the company expected total service revenue growth of about 3%. Analysts polled by Thomson Reuters currently expect the company to report revenues of $602.29 million for the year.

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