A number of other research firms have also recently issued reports on IRDM. Barclays reiterated a buy rating and set a $32.00 price objective on shares of Iridium Communications in a research report on Thursday, October 31st. William Blair reiterated a buy rating on shares of Iridium Communications in a research report on Thursday, December 19th. ValuEngine cut shares of Iridium Communications from a buy rating to a hold rating in a research report on Friday, January 3rd. Zacks Investment Research cut shares of Iridium Communications from a hold rating to a sell rating in a research report on Friday, November 1st. Finally, Sidoti upgraded shares of Iridium Communications from a neutral rating to a buy rating and set a $26.00 price objective for the company in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $27.17.
Shares of NASDAQ:IRDM opened at $26.95 on Friday. The firm has a 50 day moving average of $24.79 and a 200-day moving average of $24.06. The stock has a market capitalization of $3.53 billion, a PE ratio of -47.28 and a beta of 2.05. The company has a current ratio of 0.91, a quick ratio of 0.79 and a debt-to-equity ratio of 1.05. Iridium Communications has a 12 month low of $17.91 and a 12 month high of $28.24.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, October 29th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.01). The company had revenue of $144.80 million for the quarter, compared to analyst estimates of $142.05 million. Iridium Communications had a negative return on equity of 3.91% and a negative net margin of 11.15%. Iridium Communications’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) earnings per share. On average, research analysts predict that Iridium Communications will post -0.56 EPS for the current fiscal year.
In other Iridium Communications news, CEO Matthew J. Desch sold 20,639 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $28.04, for a total transaction of $578,717.56. Following the sale, the chief executive officer now directly owns 977,309 shares of the company’s stock, valued at approximately $27,403,744.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Timothy Kapalka sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $25.80, for a total transaction of $645,000.00. Following the sale, the vice president now directly owns 47,138 shares in the company, valued at $1,216,160.40. The disclosure for this sale can be found here. Insiders have sold a total of 167,316 shares of company stock worth $4,302,777 over the last three months. Insiders own 5.00% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC boosted its stake in shares of Iridium Communications by 4.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 11,534 shares of the technology company’s stock valued at $245,000 after purchasing an additional 500 shares during the last quarter. Metropolitan Life Insurance Co NY boosted its stake in Iridium Communications by 1.9% during the third quarter. Metropolitan Life Insurance Co NY now owns 31,693 shares of the technology company’s stock worth $674,000 after acquiring an additional 582 shares in the last quarter. Comerica Bank boosted its stake in Iridium Communications by 0.7% during the third quarter. Comerica Bank now owns 90,933 shares of the technology company’s stock worth $2,211,000 after acquiring an additional 637 shares in the last quarter. Texas Permanent School Fund boosted its stake in Iridium Communications by 1.0% during the third quarter. Texas Permanent School Fund now owns 65,891 shares of the technology company’s stock worth $1,402,000 after acquiring an additional 668 shares in the last quarter. Finally, Mason Street Advisors LLC boosted its stake in Iridium Communications by 2.5% during the third quarter. Mason Street Advisors LLC now owns 32,871 shares of the technology company’s stock worth $699,000 after acquiring an additional 792 shares in the last quarter. 77.81% of the stock is currently owned by institutional investors.
About Iridium Communications
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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