One reason could be their lackluster un imaginative managment team and too much debt. In short IRDM is just NOT a good company and they like our Government are DESPERATE for cash and they are putting the Screws to their subscribers out of their own lack of foreswight and inovation and their subscribers are starting to turn on them.
IRDM is still very much undervalued. Without boring you too much with the financials the book value is roughly $10/share. Increasing profits and a nearly 30% Ebitda last quarter tells me this is a homerun. The reason this stock is still trading $3 below book value is because of the bottom side risks. IRDM is partially dependant on the DoD, however, once they release the news of the new contract (possibly this week) this will trade up to ~$8.50/share. Also, the risks associated with NEXT. If the NEXT launches go off without flaw then watch this trade up to ~$20. Of course, we're still several years away from that.
So, we have a bottom side risk of $5.50 and a long term top side of $20. I like my risk/reward perspective with IRDM and I'll continue to buy well into $8/share. Watchout, with 6.2 million shares short this could pop at any moment on any news.