The insider selling cluster is modest in size relative to market cap and lacks a material corporate catalyst — treat as routine portfolio rebalancing rather than a bearish signal. Monitor the next 10-Q for any operational deterioration, but no immediate trading action is warranted.
Price Chart
Executive Summary
Six Iridium insiders sold a total of ~$7.1M in open-market shares over a 7-day window, led by the COO ($4.3M), a director ($740K), and the EVP of Sales ($957K). The cluster is dominated by C-suite and senior management sales, not just directors. At a $5.1B market cap, the total open-market sales represent ~0.14% of market cap — a modest but notable amount. The historical calibration shows past bullish/long calls on IRDM have underperformed significantly (avg T+20 alpha -7.12%, 38% win rate), and the score-6/7 cells show negative net alpha. Given the insider selling cluster is not amplified by the proportionality band (under 0.5% of market cap) and insider sales are weak predictors per the literature, the signal is modest. The cross-filing actuarial verdicts show all combos as AMPLIFIERs, but no specific cross-filing context (earnings, restatement, offering, late filing) is present to trigger an override. The filing is a routine insider selling cluster with no material financial news — neutral sentiment is appropriate.
Key Financial Metrics
Key Facts
- Six insiders sold ~$7.1M in open-market shares over 7 days (Aug 13-20, 2026)
- COO Suzanne McBride sold $4.3M (85,454 shares at ~$50.28) — the largest single trade
- Director Thomas Fitzpatrick sold $740K on Aug 18; EVP Timothy Last sold $957K on Aug 17
- Total open-market sales represent ~0.14% of $5.1B market cap — modest but notable
- Two non-cash gifts (COO 17,403 shares; Director Niehaus 50,000 shares) have $0 economic impact
- No earnings, guidance, M&A, or other material corporate event accompanies this cluster
- Historical calibration: past IRDM reports show avg T+20 alpha of -7.12% with 38% win rate — bearish bias in prior calls
Financial Impact
Total open-market insider sales of ~$7.1M represent ~0.14% of $5.1B market cap
Risk Factors
- Insider selling clusters, while weakly predictive, can precede negative earnings surprises or guidance cuts
- Historical IRDM reports show poor predictive accuracy (38% win rate at T+20) — this filing may not move the stock meaningfully
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-IRDM-1787378814526 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 425 | $47.09 $48.65 | ▲ +3.31% | ▲ +1.20% | $49.14 (+4.35%) |
Sep 15, 2026 17d ago | 8-K | $47.09 $48.65 | ▲ +3.31% | ▲ +1.20% | $49.14 (+4.35%) |
Sep 3, 2026 28d ago | 425 | $47.21 $46.18 | ▼ −2.18% | ▼ −0.97% | $49.14 (+4.09%) |
Aug 19, 2026 6w ago | Insider Cluster | $48.45 $47.64 | ▼ −1.67% | ▼ −2.79% | $49.14 (+1.42%) |
Aug 19, 2026 6w ago | Insider Cluster | $48.71 $47.20 | ▲ +3.10% | ▲ +2.71% | $49.14 (−0.88%) |
Aug 10, 2026 7w ago | 8-K | $49.38 $49.03 | ▼ −0.71% | ▼ −0.31% | $49.14 (−0.49%) |
Aug 6, 2026 8w ago | 425 | $49.93 $50.20 | ▲ +0.54% | ▲ +0.14% | $49.14 (−1.58%) |
Jul 22, 2026 10w ago | 8-K | $46.86 $44.36 | ▼ −5.33% | ▼ −2.93% | $49.14 (+4.87%) |
Jul 9, 2026 12w ago | Press Release | $50.06 $46.61 | ▲ +6.89% | ▲ +6.33% | $49.14 (+1.84%) |
Jul 6, 2026 12w ago | 425 | $51.09 $48.86 | ▼ −4.36% | ▼ −4.92% | $49.14 (−3.82%) |
US Market Status
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