BidaskClub downgraded shares of Iridium Communications (NASDAQ:IRDM) from a strong-buy rating to a buy rating in a report published on Tuesday morning.
Several other research analysts have also weighed in on the stock. Northland Securities restated a hold rating and set a $14.75 price objective on shares of Iridium Communications in a research note on Wednesday, August 1st. Sidoti restated a neutral rating on shares of Iridium Communications in a research note on Monday, August 27th. Finally, Zacks Investment Research lowered shares of Iridium Communications from a strong-buy rating to a hold rating in a research note on Saturday, August 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $18.55.
Shares of IRDM stock opened at $19.26 on Tuesday. The company has a current ratio of 2.18, a quick ratio of 2.09 and a debt-to-equity ratio of 1.20. Iridium Communications has a 1 year low of $9.95 and a 1 year high of $24.10. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 27.74 and a beta of 1.84.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. The firm had revenue of $134.93 million for the quarter, compared to analyst estimates of $120.54 million. During the same period in the previous year, the business earned $0.20 EPS. The company’s revenue was up 20.9% compared to the same quarter last year. Research analysts expect that Iridium Communications will post -0.14 EPS for the current year.
In other news, insider Thomas D. Hickey sold 13,455 shares of the business’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $18.86, for a total transaction of $253,761.30. Following the transaction, the insider now directly owns 125,820 shares in the company, valued at approximately $2,372,965.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO S. Scott Smith sold 3,500 shares of the business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $20.10, for a total transaction of $70,350.00. Following the transaction, the chief operating officer now owns 221,034 shares in the company, valued at $4,442,783.40. The disclosure for this sale can be found here. Insiders have sold a total of 100,871 shares of company stock worth $1,998,926 over the last 90 days. 5.60% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in IRDM. BlackRock Inc. boosted its holdings in shares of Iridium Communications by 8.3% during the 2nd quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock worth $200,630,000 after buying an additional 949,870 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Iridium Communications by 187.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,038,600 shares of the technology company’s stock worth $16,721,000 after buying an additional 677,100 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Iridium Communications by 15.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock worth $72,860,000 after buying an additional 594,513 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Iridium Communications by 143.8% during the 1st quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after buying an additional 494,515 shares during the period. Finally, EAM Investors LLC bought a new stake in shares of Iridium Communications during the 2nd quarter worth about $3,451,000. 86.23% of the stock is owned by institutional investors and hedge funds.
Iridium Communications Company Profile
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of things (IoT) services.
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