11 Best Stocks to Buy in Falling Markets Now

8. Iridium Communications Inc. (NASDAQ:IRDM)

Number of Hedge Fund Holders: 35  

Decline in Share Price Over Past 12 Months: 15.5%

Iridium Communications Inc. (NASDAQ:IRDM) is a global satellite communications company that provides access to reliable voice and data services anywhere on Earth. The following elements demonstrate why this company is an excellent investment choice. First of all, the company showed positive financial growth depicted in the report for the third quarter of 2024. For instance, total revenue was $212.8 million, which consisted of $159.9 million of service revenue and $52.9 million of revenue related to equipment sales and engineering and support projects. Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, grew 5% from the year-ago period and was 75% of total revenue for the third quarter of 2024. Total revenue increased 8% versus the comparable period of 2023, largely due to higher commercial service revenue and government engineering revenue. Moreover, the company has launched the Iridium Certus 9704, its newest IoT module, ideal for supporting satellite IoT applications that require real-time data analysis.