Iridium Communications (NASDAQ:IRDM) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.
A number of other brokerages have also recently weighed in on IRDM. Raymond James set a $25.00 price target on Iridium Communications and gave the stock a “buy” rating in a research note on Friday, March 1st. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Saturday, March 2nd. Finally, Northland Securities reissued a “sell” rating on shares of Iridium Communications in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $22.35.
Shares of IRDM opened at $26.38 on Wednesday. The stock has a market capitalization of $2.96 billion, a P/E ratio of -188.43 and a beta of 2.11. Iridium Communications has a 1-year low of $10.95 and a 1-year high of $26.50. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.38 and a current ratio of 1.49.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.09) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.07. The firm had revenue of $132.20 million for the quarter, compared to analysts’ expectations of $127.99 million. Iridium Communications had a negative return on equity of 0.29% and a negative net margin of 2.56%. Iridium Communications’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $1.10 EPS. As a group, equities analysts forecast that Iridium Communications will post -0.77 EPS for the current year.
In other Iridium Communications news, Director S. Scott Smith sold 2,500 shares of Iridium Communications stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $22.86, for a total transaction of $57,150.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 41,000 shares of company stock worth $802,335. Company insiders own 5.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Morgan Stanley grew its stake in Iridium Communications by 36.1% during the 3rd quarter. Morgan Stanley now owns 1,056,231 shares of the technology company’s stock valued at $23,765,000 after acquiring an additional 279,982 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in Iridium Communications by 195.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 7,496 shares of the technology company’s stock valued at $138,000 after acquiring an additional 4,957 shares in the last quarter. Renaissance Technologies LLC grew its stake in Iridium Communications by 67.5% during the 3rd quarter. Renaissance Technologies LLC now owns 1,739,900 shares of the technology company’s stock valued at $39,148,000 after acquiring an additional 701,300 shares in the last quarter. Founders Capital Management purchased a new position in Iridium Communications during the 4th quarter valued at about $92,000. Finally, Chesapeake Wealth Management grew its stake in Iridium Communications by 9.3% during the 4th quarter. Chesapeake Wealth Management now owns 27,817 shares of the technology company’s stock valued at $513,000 after acquiring an additional 2,372 shares in the last quarter. 84.93% of the stock is currently owned by institutional investors.
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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