Graphene Investments Sold 115,000 IRDM Shares in Q3 2025
Key Points
Graphene sold 115,300 shares, with an estimated transaction value of $3.48 million based on the stock's average price for the quarter.
The change represents 2.2% of 13F reportable assets under management for the quarter.
Post-trade stake: zero shares, $0 value.
The position previously accounted for 2.3% of the fund's AUM.
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What happened
According to a filing with the Securities and Exchange Commission dated October 7, 2025, Graphene Investments SAS sold its entire stake of 115,300 shares in Iridium Communications (NASDAQ:IRDM) during the quarter. The estimated transaction value was $3.48 million based on average prices for the quarter. The fund now reports no position in this company.
What else to know
Graphene Investments SAS sold out of Iridium Communications, which previously represented 2.3% of the fund’s reportable U.S. equity assets for the quarter
Top holdings after the filing, as of September 30, 2025:
- Alphabet (NASDAQ:GOOGL): $9.36 million (5.9% of AUM)
- Apple (NASDAQ:AAPL): $7.49 million (4.7% of AUM)
- Microsoft (NASDAQ:MSFT): $6.53 million (4.1% of AUM)
- Nvidia (NASDAQ:NVDA): $6.49 million (4.1% of AUM)
- Broadcom (NASDAQ:AVGO): $5.67 million (3.6% of AUM)
As of October 6, 2025, Iridium shares were priced at $20.02, down 32.2% over one year and trailing the S&P 500 by 53.4 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close October 6, 2025) | $20.02 |
| Market capitalization | $2.12 billion |
| Revenue (TTM) | $857.55 million |
| Net income (TTM) | $113.17 million |
Company snapshot
Iridium provides mobile voice and data satellite communications, broadband, IoT services, and specialized hardware for commercial, government, and consumer markets.
It operates a wholesale distribution model, generating revenue from service providers, value-added resellers, and manufacturers who deliver Iridium's connectivity solutions to end users.
The company serves businesses, U.S. and international government agencies, non-governmental organizations, and maritime and aviation sectors worldwide.
Iridium Communications delivers mission-critical satellite communications services globally, leveraging a robust network and diverse product suite. The company’s strategy centers on providing reliable connectivity in remote and challenging environments, supporting enterprise, government, and IoT applications. Its competitive edge is underpinned by a resilient satellite infrastructure and a broad portfolio of value-added solutions for demanding markets.
Foolish take
This Paris-based investment firm seems to have given up hope on Iridium's long-running turnaround story. As of October 7, the stock is down 38% in the last quarter and 71% from its three-year peak. Iridium trades at the modest valuation of 19 times trailing earnings and 2.4 times sales, but it's also affordable for good reason.
The satellite-based communications market is getting crowded, and Iridium can't match the top-grade radio spectrum portfolio that recently landed a $17 billion license deal for arch-rival EchoStar (NASDAQ:SATS). Of course, that deal was signed at the very end of the third quarter and probably wasn't the reason for Graphene's retreat. I'd just be surprised to see this firm picking up Iridium stock again, under these conditions.
Graphene's Iridium investment was also very short-lived. The reported position of 115,300 shares in the second quarter was the only time Graphene held any shares of this stock in the last two years. It's not surprising to see the firm exit this experimental investment quickly, given Iridium's disappointing earnings report in July.
Glossary
Exited its position: When an investor sells all shares of a particular investment, fully closing out their holding.
13F reportable assets: U.S. equity securities that institutional investment managers must disclose in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Stake: The amount of ownership or shares an investor holds in a company.
Wholesale distribution model: A business approach where products or services are sold to intermediaries, not directly to end users.
Value-added reseller: A company that enhances products or services before selling them to end customers.
Mission-critical: Essential systems or services whose failure would seriously impact operations.
IoT (Internet of Things): A network of devices connected to the internet, enabling data collection and exchange.
Trailing the S&P 500: Underperforming the S&P 500 index over a specified period.
TTM: The 12-month period ending with the most recent quarterly report.
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Anders Bylund has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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