BidaskClub cut shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a hold rating in a report released on Thursday.
Several other equities research analysts have also issued reports on IRDM. Zacks Investment Research upgraded shares of Iridium Communications from a hold rating to a buy rating and set a $11.00 price target on the stock in a research note on Wednesday, September 27th. Wells Fargo & Co boosted their price objective on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a market perform rating in a research note on Friday, October 27th. TheStreet upgraded shares of Iridium Communications from a c+ rating to a b rating in a research note on Friday, October 27th. Finally, ValuEngine upgraded shares of Iridium Communications from a buy rating to a strong-buy rating in a research note on Sunday, December 31st. 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 stock. The stock presently has a consensus rating of Buy and an average price target of $13.00.
Shares of Iridium Communications (NASDAQ:IRDM) traded up $0.20 during mid-day trading on Thursday, reaching $11.95. 581,700 shares of the company’s stock traded hands, compared to its average volume of 515,733. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17. Iridium Communications has a 12-month low of $7.80 and a 12-month high of $12.90. The firm has a market cap of $1,180.00, a price-to-earnings ratio of 15.13, a P/E/G ratio of 3.97 and a beta of 1.75.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The firm had revenue of $116.55 million for the quarter, compared to analyst estimates of $113.96 million. During the same period in the previous year, the business earned $0.26 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. equities analysts expect that Iridium Communications will post 0.83 earnings per share for the current fiscal year.
In other news, Director A B. Krongard acquired 45,750 shares of the stock in a transaction dated Thursday, November 9th. The shares were bought at an average cost of $10.89 per share, for a total transaction of $498,217.50. Following the purchase, the director now directly owns 149,788 shares of the company’s stock, valued at $1,631,191.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.40% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. 361 Capital LLC bought a new stake in shares of Iridium Communications during the 2nd quarter worth about $366,000. Ameriprise Financial Inc. boosted its holdings in shares of Iridium Communications by 1.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 433,774 shares of the technology company’s stock worth $4,794,000 after buying an additional 6,497 shares during the period. Brown Advisory Inc. boosted its holdings in shares of Iridium Communications by 2.5% during the 3rd quarter. Brown Advisory Inc. now owns 404,713 shares of the technology company’s stock worth $4,168,000 after buying an additional 9,720 shares during the period. Northern Trust Corp boosted its holdings in shares of Iridium Communications by 64.1% during the 2nd quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock worth $22,711,000 after buying an additional 803,190 shares during the period. Finally, State Street Corp boosted its holdings in shares of Iridium Communications by 2.1% during the 2nd quarter. State Street Corp now owns 2,028,349 shares of the technology company’s stock worth $22,409,000 after buying an additional 41,109 shares during the period.
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Iridium Communications Company Profile
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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