$164.10 Million in Sales Expected for Iridium Communications Inc. (NASDAQ:IRDM) This Quarter

Equities research analysts forecast that Iridium Communications Inc. (NASDAQ:IRDMGet Rating) will report sales of $164.10 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Iridium Communications’ earnings, with estimates ranging from $158.23 million to $177.28 million. Iridium Communications posted sales of $149.92 million during the same quarter last year, which suggests a positive year over year growth rate of 9.5%. The company is scheduled to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Iridium Communications will report full year sales of $677.10 million for the current fiscal year, with estimates ranging from $657.61 million to $702.45 million. For the next fiscal year, analysts forecast that the firm will report sales of $708.23 million, with estimates ranging from $690.36 million to $727.23 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Iridium Communications.

Iridium Communications (NASDAQ:IRDMGet Rating) last announced its quarterly earnings data on Tuesday, April 19th. The technology company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Iridium Communications had a negative net margin of 0.21% and a negative return on equity of 0.10%. The firm had revenue of $168.20 million during the quarter, compared to the consensus estimate of $156.83 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The firm’s revenue was up 14.8% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on IRDM shares. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $48.00 price target for the company in a research report on Thursday, April 21st. Barclays upgraded Iridium Communications from an “equal weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research report on Monday, February 21st. Raymond James upgraded Iridium Communications from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $47.00 to $51.00 in a research report on Friday, February 18th. Finally, Morgan Stanley cut their price objective on Iridium Communications from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, February 11th. Five research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Iridium Communications currently has an average rating of “Buy” and an average price target of $49.67.

In other Iridium Communications news, Director Steven B. Pfeiffer sold 3,002 shares of Iridium Communications stock in a transaction that occurred on Tuesday, March 8th. The shares were sold at an average price of $39.60, for a total value of $118,879.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in IRDM. BlackRock Inc. grew its stake in shares of Iridium Communications by 16.5% during the 4th quarter. BlackRock Inc. now owns 15,668,951 shares of the technology company’s stock valued at $646,969,000 after buying an additional 2,214,094 shares during the period. Select Equity Group L.P. grew its stake in shares of Iridium Communications by 79.7% during the 1st quarter. Select Equity Group L.P. now owns 2,171,634 shares of the technology company’s stock valued at $87,560,000 after buying an additional 963,386 shares during the period. State Street Corp grew its stake in shares of Iridium Communications by 13.5% during the 1st quarter. State Street Corp now owns 4,733,034 shares of the technology company’s stock valued at $190,836,000 after buying an additional 564,367 shares during the period. Norges Bank purchased a new stake in shares of Iridium Communications during the 4th quarter valued at $18,234,000. Finally, Renaissance Technologies LLC grew its stake in shares of Iridium Communications by 174.7% during the 1st quarter. Renaissance Technologies LLC now owns 688,699 shares of the technology company’s stock valued at $27,768,000 after buying an additional 438,000 shares during the period. 97.98% of the stock is owned by institutional investors.

Shares of IRDM stock traded up $1.95 during midday trading on Friday, reaching $38.71. 422,581 shares of the company traded hands, compared to its average volume of 886,483. The firm’s 50 day simple moving average is $38.14 and its two-hundred day simple moving average is $38.41. Iridium Communications has a 1-year low of $31.73 and a 1-year high of $48.95. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.67 and a quick ratio of 3.38. The firm has a market cap of $4.95 billion, a PE ratio of -3,871.00 and a beta of 1.17.

Iridium Communications announced that its board has approved a stock buyback program on Monday, March 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

About Iridium Communications (Get Rating)

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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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