BidaskClub cut shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a hold rating in a research note published on Thursday.
Several other analysts also recently issued reports on IRDM. Zacks Investment Research raised shares of Iridium Communications from a hold rating to a buy rating and set a $11.00 price objective for the company in a report on Wednesday, September 27th. Wells Fargo & Co upped their price objective on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a market perform rating in a report on Friday, October 27th. TheStreet raised shares of Iridium Communications from a c+ rating to a b rating in a report on Friday, October 27th. Finally, ValuEngine raised shares of Iridium Communications from a buy rating to a strong-buy rating in a report on Sunday, December 31st. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $13.00.
Iridium Communications (IRDM) traded up $0.10 during midday trading on Thursday, hitting $12.05. 480,100 shares of the company traded hands, compared to its average volume of 506,825. The company has a current ratio of 2.78, a quick ratio of 2.67 and a debt-to-equity ratio of 1.17. The company has a market cap of $1,180.55, a P/E ratio of 13.10, a P/E/G ratio of 4.07 and a beta of 1.75. Iridium Communications has a fifty-two week low of $7.80 and a fifty-two week high of $12.90.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.05. The business had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. Iridium Communications’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. sell-side analysts anticipate that Iridium Communications will post 0.83 earnings per share for the current fiscal year.
In related news, Director A B. Krongard bought 45,750 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was purchased at an average cost of $10.89 per share, for a total transaction of $498,217.50. Following the purchase, the director now directly owns 149,788 shares in the company, valued at $1,631,191.32. The purchase was disclosed in a filing with the SEC, which is available through this link. 6.40% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Flinton Capital Management LLC raised its stake in Iridium Communications by 80.6% during the 2nd quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock valued at $101,000 after purchasing an additional 4,060 shares during the last quarter. Thompson Davis & CO. Inc. acquired a new position in Iridium Communications during the 2nd quarter valued at $102,000. PNC Financial Services Group Inc. raised its stake in Iridium Communications by 15.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after purchasing an additional 1,303 shares during the last quarter. QS Investors LLC raised its stake in Iridium Communications by 23,091.5% during the 2nd quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock valued at $120,000 after purchasing an additional 10,853 shares during the last quarter. Finally, Amalgamated Bank raised its stake in Iridium Communications by 2.5% during the 2nd quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock valued at $126,000 after purchasing an additional 284 shares during the last quarter.
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About Iridium Communications
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.
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