$112.00 Million in Sales Expected for Iridium Communications Inc (IRDM) This Quarter

Wall Street analysts expect Iridium Communications Inc (NASDAQ:IRDM) to report sales of $112.00 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Iridium Communications’ earnings, with the highest sales estimate coming in at $115.74 million and the lowest estimate coming in at $109.40 million. Iridium Communications posted sales of $107.45 million in the same quarter last year, which would indicate a positive year over year growth rate of 4.2%. The firm is expected to announce its next quarterly earnings report before the market opens on Thursday, February 22nd.

According to Zacks, analysts expect that Iridium Communications will report full-year sales of $112.00 million for the current fiscal year, with estimates ranging from $441.90 million to $448.32 million. For the next year, analysts expect that the business will post sales of $482.49 million per share, with estimates ranging from $472.30 million to $489.44 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Iridium Communications.

A number of analysts have recently issued reports on IRDM shares. Wells Fargo & Co lifted 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. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. BidaskClub downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday, December 16th. ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. Finally, TheStreet upgraded shares of Iridium Communications from a “c+” rating to a “b” rating in a research report on Friday, October 27th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $13.00.

A number of large investors have recently modified their holdings of IRDM. PNC Financial Services Group Inc. increased its position in shares of Iridium Communications by 15.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after acquiring an additional 1,303 shares during the period. QS Investors LLC increased its position in shares of Iridium Communications by 23,091.5% in the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock valued at $120,000 after acquiring an additional 10,853 shares during the period. Amalgamated Bank increased its position in shares of Iridium Communications by 2.5% in the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock valued at $126,000 after acquiring an additional 284 shares during the period. Jane Street Group LLC purchased a new position in shares of Iridium Communications in the fourth quarter valued at about $129,000. Finally, UBS Asset Management Americas Inc. increased its position in shares of Iridium Communications by 22.1% in the second quarter. UBS Asset Management Americas Inc. now owns 15,997 shares of the technology company’s stock valued at $177,000 after acquiring an additional 2,900 shares during the period.

Shares of Iridium Communications (NASDAQ:IRDM) opened at $12.30 on Friday. Iridium Communications has a fifty-two week low of $7.80 and a fifty-two week high of $13.00. 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 stock has a market cap of $1,210.00, a price-to-earnings ratio of 15.57, a PEG ratio of 4.00 and a beta of 1.77.

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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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