Shares of Iridium Communications Inc (NASDAQ:IRDM) have earned an average rating of “Hold” from the seven research firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $23.33.
A number of research firms have weighed in on IRDM. BidaskClub cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, May 14th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Saturday, March 2nd. Raymond James cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and boosted their target price for the stock from $25.00 to $30.00 in a research note on Wednesday, April 24th. Finally, Northland Securities reaffirmed a “sell” rating on shares of Iridium Communications in a research note on Friday, March 1st.
Shares of NASDAQ IRDM traded up $0.08 during midday trading on Friday, reaching $22.62. 562,584 shares of the company were exchanged, compared to its average volume of 990,476. The stock has a market cap of $2.56 billion, a PE ratio of -161.57 and a beta of 2.11. Iridium Communications has a one year low of $13.05 and a one year high of $28.24. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.96 and a current ratio of 1.05.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.05. The firm had revenue of $133.70 million for the quarter, compared to analysts’ expectations of $128.54 million. Iridium Communications had a negative net margin of 7.98% and a negative return on equity of 2.14%. The company’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts predict that Iridium Communications will post -0.66 earnings per share for the current fiscal year.
In other news, EVP Bryan J. Hartin sold 103,000 shares of Iridium Communications stock in a transaction on Monday, April 29th. The shares were sold at an average price of $27.13, for a total transaction of $2,794,390.00. Following the transaction, the executive vice president now owns 192,562 shares in the company, valued at $5,224,207.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas Fitzpatrick sold 244,778 shares of Iridium Communications stock in a transaction on Friday, April 26th. The stock was sold at an average price of $27.07, for a total transaction of $6,626,140.46. Following the transaction, the chief financial officer now owns 574,128 shares in the company, valued at approximately $15,541,644.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 437,289 shares of company stock worth $11,816,254. Insiders own 5.00% of the company’s stock.
Large investors have recently modified their holdings of the company. Osborn Williams & Donohoe LLC acquired a new position in shares of Iridium Communications during the first quarter worth $56,000. Strs Ohio acquired a new position in shares of Iridium Communications during the first quarter worth $55,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of Iridium Communications by 30.6% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,350 shares of the technology company’s stock worth $43,000 after purchasing an additional 550 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Iridium Communications by 427.4% during the first quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the technology company’s stock worth $82,000 after purchasing an additional 2,500 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Iridium Communications by 13.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,237 shares of the technology company’s stock worth $115,000 after purchasing an additional 761 shares during the period. Institutional investors own 84.23% 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.
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