On November 11th, one of the directors of Iridium Communications, Inc (IRDM), Scott L. Bok, bought 50,000 shares of Iridium’s stock for $357,000. From the first to the twelfth of December, company insiders purchased more than 80,000 shares of Iradium. On Wall Street, there’s a saying about insider buying: There are several possible reasons to sell stocks, but only one reason to buy. What could that be?
From the beginning of 2011 until August, the stock was trading in the narrow range between $ 8 and $9. From August to October, the stock declined to $5.50. It has been headed upwards ever since, reaching $7.49 on December 14th. It is interesting that the insider trading started one month after the stock began to rise. The stock is still rising. See Yahoo Finance for more information.
Managers at Iridium include Gregory C. Ewert, Thomas D. Hickey, and Matthew J. Desch. The Board of Directors includes Alvin B. Krongard, Parker W. Rush, Steven B. Pfeiffer, Peter M. Dawkins, Thomas C. Canfield and Robert H. Niehaus.
Disclaimer: The information in this article is insufficient to base investment decisions on. All decisions should be based on a thorough analysis of the investment.
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