Iridium Communications (NASDAQ:IRDM) Stock Rating Upgraded by StockNews.com

Iridium Communications (NASDAQ:IRDM) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Sunday.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. Barclays decreased their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th.

Iridium Communications Trading Down 5.3 %

Shares of IRDM stock opened at $23.28 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. Iridium Communications has a fifty-two week low of $22.90 and a fifty-two week high of $35.85. The company has a market cap of $2.53 billion, a PE ratio of 24.51, a P/E/G ratio of 1.28 and a beta of 0.66. The stock’s fifty day moving average price is $29.08 and its two-hundred day moving average price is $29.40.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. Equities analysts predict that Iridium Communications will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB lifted its stake in shares of Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company’s stock worth $7,264,000 after acquiring an additional 57,690 shares during the period. Steward Partners Investment Advisory LLC raised its holdings in Iridium Communications by 376.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,858 shares of the technology company’s stock worth $141,000 after purchasing an additional 3,838 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Iridium Communications in the 4th quarter worth approximately $37,000. Inspire Investing LLC boosted its stake in shares of Iridium Communications by 185.7% in the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company’s stock valued at $1,256,000 after purchasing an additional 28,119 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Iridium Communications by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,093,223 shares of the technology company’s stock worth $31,725,000 after buying an additional 37,371 shares during the period. Institutional investors own 84.36% of the company’s stock.

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.