BidaskClub Lowers Iridium Communications (IRDM) to Hold

Iridium Communications (NASDAQ:IRDM) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday, December 16th.

A number of other research analysts have also recently issued reports on the company. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Wells Fargo & Co boosted their price objective on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a report on Friday, October 27th. Drexel Hamilton reissued a “buy” rating and set a $14.00 price objective on shares of Iridium Communications in a report on Thursday, August 31st. TheStreet raised Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. Finally, Zacks Investment Research cut Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.00.

Iridium Communications (NASDAQ IRDM) traded up $0.15 during trading on Friday, hitting $12.15. The company had a trading volume of 420,028 shares, compared to its average volume of 481,304. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.78 and a quick ratio of 2.67. Iridium Communications has a fifty-two week low of $7.80 and a fifty-two week high of $12.90. The company has a market capitalization of $1,190.00, a PE ratio of 15.38, a price-to-earnings-growth ratio of 4.07 and a beta of 1.75.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. The business had revenue of $116.55 million during the quarter, compared to analysts’ expectations of $113.96 million. During the same period in the previous year, the business posted $0.26 earnings per share. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. equities analysts predict that Iridium Communications will post 0.83 EPS for the current fiscal year.

In other news, Director A B. Krongard acquired 45,750 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average cost of $10.89 per share, with a total value of $498,217.50. Following the acquisition, the director now owns 149,788 shares of the company’s stock, valued at approximately $1,631,191.32. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in IRDM. Northern Trust Corp increased its stake in shares of Iridium Communications by 64.1% in the 2nd quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock valued at $22,711,000 after acquiring an additional 803,190 shares during the last quarter. LSV Asset Management increased its stake in shares of Iridium Communications by 23.5% in the 2nd quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock valued at $44,224,000 after acquiring an additional 761,679 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Iridium Communications by 16.8% in the 2nd quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock valued at $35,024,000 after acquiring an additional 455,585 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Iridium Communications by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock valued at $113,271,000 after acquiring an additional 250,505 shares during the last quarter. Finally, Royce & Associates LP increased its stake in shares of Iridium Communications by 26.9% in the 3rd quarter. Royce & Associates LP now owns 909,913 shares of the technology company’s stock valued at $9,372,000 after acquiring an additional 193,000 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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