BWS Financial Lowers Iridium Communications (NASDAQ:IRDM) Price Target to $25.00

Iridium Communications (NASDAQ:IRDM) had its target price dropped by investment analysts at BWS Financial from $30.00 to $25.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. BWS Financial’s price objective points to a potential upside of 8.51% from the stock’s previous close.

Several other brokerages have also recently issued reports on IRDM. StockNews.com downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays lowered their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. William Blair upgraded shares of Iridium Communications from a “market perform” rating to an “outperform” rating in a report on Tuesday. Finally, Cantor Fitzgerald started coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and a consensus price target of $34.33.

Iridium Communications Stock Performance

IRDM opened at $23.04 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 1.28 and a beta of 0.66. The company has a fifty day moving average of $27.38 and a 200 day moving average of $28.72. Iridium Communications has a fifty-two week low of $19.91 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Tuesday, April 22nd. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. The firm had revenue of $214.88 million during the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter last year, the business posted $0.17 earnings per share. As a group, sell-side analysts forecast that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iridium Communications

Large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Iridium Communications in the fourth quarter worth about $28,240,000. American Century Companies Inc. lifted its stake in shares of Iridium Communications by 94.2% during the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock worth $50,374,000 after acquiring an additional 841,951 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after acquiring an additional 683,777 shares during the period. Raymond James Financial Inc. bought a new position in Iridium Communications in the 4th quarter valued at $17,613,000. Finally, ArrowMark Colorado Holdings LLC increased its stake in Iridium Communications by 37.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock worth $60,595,000 after purchasing an additional 567,164 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

About Iridium Communications

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.