IRDM Surges 6% as Bulls Test Key Resistance
$Iridium(IRDM)$
Iridium Communications Inc. (IRDM) Surged +6.16%: Satellite Giant Tests Key Resistance, Eyes $18+ Move
Latest Close Data
Closed at $18.09 (EST Dec 23), up +6.16% from yesterday's $17.04. Now trading ~47.5% below its 52-week high of $34.45.
Core Market Drivers
Positive sentiment likely driven by recent net capital inflows over the last two trading sessions.
As a global satellite communications provider, its stable business model and attractive ~3.21% dividend yield may be attracting value-focused investors in a volatile market.
Technical Analysis
The strong move was supported by a solid volume of 2.45M shares.
Key indicators show a bullish shift: the 6-day RSI jumped to 63.75, moving out of oversold territory, and the MACD (0.0147) has turned positive, signaling a potential short-term bullish momentum reversal.
Key Price Levels
Primary Support: $16.95 (recent swing low).
Strong Resistance: $18.36 (today's high and immediate test level).
Immediate Pivot: $17.27 (today's low and intraday support).
Valuation Perspective
The stock trades at a TTM P/E of 15.93 and a Forward P/E of 16.23, which is significantly below its historical average of 37.85, suggesting potential undervaluation if earnings growth continues.
Analyst Targets
Analysts are broadly bullish. Out of 10 covering firms, 8 recommend Buy or Strong Buy, with an average price target of $28.78, implying ~59% upside from current levels.
Weekly Outlook
Expect consolidation near the $18.00-$18.36 resistance zone. A confirmed break above $18.36 could target a move toward $19.50. Failure to hold $17.27 may see a retest of the $16.95 support.
Risk Disclaimer
This analysis is for informational purposes only and not financial advice.
Past performance does not guarantee future results. Investing involves risk, including the potential loss of principal. Always conduct your own research before making any investment decisions.
For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.
🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now
Find out more here.
Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.
Other helpful links:
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
How to open a CBA. How to link your CDP account. Other FAQs on CBA. Cash Boost Account Website.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
