Iridium Communications Inc (NASDAQ:IRDM) Announces Quarterly Earnings Results

Iridium Communications Inc (NASDAQ:IRDM) released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.05, Bloomberg Earnings reports. The business had revenue of $116.55 million during the quarter, compared to analyst estimates of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 earnings per share.

Iridium Communications (NASDAQ IRDM) opened at $10.95 on Friday. The company has a market capitalization of $1,072.78, a PE ratio of 11.90, a PEG ratio of 2.63 and a beta of 1.78. Iridium Communications has a 52-week low of $7.80 and a 52-week high of $12.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.67 and a current ratio of 2.78.

In related news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the completion of the sale, the chief operating officer now owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 6.40% of the stock is owned by insiders.

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Several equities analysts recently weighed in on the stock. Drexel Hamilton reiterated a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, July 31st. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a report on Thursday, August 17th. Finally, Wells Fargo & Company lifted their price target on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Iridium Communications currently has a consensus rating of “Buy” and an average target price of $12.33.

Iridium Communications Company Profile

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

Earnings History for Iridium Communications (NASDAQ:IRDM)

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