Analysts Set Iridium Communications Inc (IRDM) Price Target at $13.00

Iridium Communications Inc (NASDAQ:IRDM) has been given a consensus rating of “Buy” by the six research firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $13.00.

A number of brokerages have weighed in on IRDM. BidaskClub cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Tuesday, December 26th. TheStreet upgraded shares of Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Finally, Wells Fargo & Co increased their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a report on Friday, October 27th.

Shares of Iridium Communications (IRDM) traded up $0.10 on Wednesday, reaching $12.05. 480,165 shares of the company’s stock were exchanged, compared to its average volume of 713,606. The stock has a market capitalization of $1,190.00, a PE ratio of 15.25, a PEG ratio of 4.03 and a beta of 1.75. The company has a current ratio of 2.78, a quick ratio of 2.67 and a debt-to-equity ratio of 1.17. Iridium Communications has a twelve month low of $7.80 and a twelve month high of $12.90.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. The business had revenue of $116.55 million for the quarter, compared to analysts’ expectations of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. sell-side analysts forecast that Iridium Communications will post 0.83 EPS for the current fiscal year.

In other news, Director A B. Krongard purchased 45,750 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were purchased at an average price of $10.89 per share, for a total transaction of $498,217.50. Following the completion of the acquisition, the director now directly owns 149,788 shares in the company, valued at approximately $1,631,191.32. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.40% of the company’s stock.

Several large investors have recently bought and sold shares of IRDM. Schwab Charles Investment Management Inc. lifted its position in Iridium Communications by 3.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 540,390 shares of the technology company’s stock valued at $5,972,000 after purchasing an additional 15,715 shares during the period. Arizona State Retirement System lifted its position in Iridium Communications by 1.7% during the second quarter. Arizona State Retirement System now owns 42,634 shares of the technology company’s stock valued at $471,000 after purchasing an additional 700 shares during the period. First Trust Advisors LP lifted its position in Iridium Communications by 10.7% during the second quarter. First Trust Advisors LP now owns 215,175 shares of the technology company’s stock valued at $2,378,000 after purchasing an additional 20,794 shares during the period. Rhumbline Advisers lifted its position in Iridium Communications by 0.8% during the second quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock valued at $1,815,000 after purchasing an additional 1,320 shares during the period. Finally, Legal & General Group Plc lifted its position in Iridium Communications by 11.1% during the second quarter. Legal & General Group Plc now owns 149,075 shares of the technology company’s stock valued at $1,648,000 after purchasing an additional 14,929 shares during the period.

TRADEMARK VIOLATION NOTICE: “Analysts Set Iridium Communications Inc (IRDM) Price Target at $13.00” was first published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece of content on another domain, it was illegally copied and reposted in violation of U.S. and international copyright & trademark legislation. The correct version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/01/28/analysts-set-iridium-communications-inc-irdm-price-target-at-13-00.html.

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.

Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply