BidaskClub upgraded shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a strong-buy rating in a research note published on Thursday morning.
IRDM has been the subject of a number of other reports. BWS Financial assumed coverage on shares of Iridium Communications in a report on Wednesday, May 9th. They issued a buy rating and a $22.00 target price for the company. Zacks Investment Research raised shares of Iridium Communications from a sell rating to a hold rating in a report on Saturday, May 12th. TheStreet cut shares of Iridium Communications from a b rating to a c+ rating in a report on Tuesday, May 15th. ValuEngine cut shares of Iridium Communications from a strong-buy rating to a buy rating in a report on Wednesday, May 2nd. Finally, Northland Securities reaffirmed a hold rating and issued a $14.75 target price on shares of Iridium Communications in a report on Wednesday, August 1st. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $16.75.
Shares of Iridium Communications traded down $0.50, hitting $19.85, during trading on Thursday, MarketBeat reports. 688,857 shares of the stock were exchanged, compared to its average volume of 1,134,211. Iridium Communications has a 12-month low of $9.68 and a 12-month high of $20.52. The stock has a market cap of $2.25 billion, a P/E ratio of 28.36 and a beta of 1.92. 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 (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $120.54 million. During the same period in the previous year, the company earned $0.20 earnings per share. Iridium Communications’s quarterly revenue was up 20.9% compared to the same quarter last year. sell-side analysts forecast that Iridium Communications will post -0.14 earnings per share for the current fiscal 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 $2,372,965.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas C. Canfield sold 12,500 shares of the business’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $19.30, for a total transaction of $241,250.00. Following the transaction, the director now owns 212,498 shares in the company, valued at $4,101,211.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,610 shares of company stock worth $1,065,277. Company insiders own 5.60% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Advisors Preferred LLC acquired a new position in Iridium Communications during the second quarter worth about $127,000. Jane Street Group LLC purchased a new stake in shares of Iridium Communications in the fourth quarter valued at about $129,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Iridium Communications in the first quarter valued at about $143,000. Independent Advisor Alliance purchased a new stake in shares of Iridium Communications in the second quarter valued at about $161,000. Finally, Wedbush Securities Inc. purchased a new stake in shares of Iridium Communications in the second quarter valued at about $169,000. Institutional investors own 88.99% of the company’s stock.
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.
Further Reading: Market Capitalization and Individual Investors
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