VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.69 Million in Iridium Communications Inc $IRDM

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Iridium Communications Inc (NASDAQ:IRDM) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 56,100 shares of the technology company’s stock, valued at approximately $1,693,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRDM. SVB Wealth LLC purchased a new stake in shares of Iridium Communications in the 1st quarter worth $30,000. Cooksen Wealth LLC bought a new position in Iridium Communications in the 1st quarter worth $47,000. SBI Securities Co. Ltd. increased its stake in Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock worth $48,000 after buying an additional 476 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Iridium Communications in the 1st quarter worth $72,000. Finally, Carolina Wealth Advisors LLC purchased a new stake in Iridium Communications in the 2nd quarter worth $76,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IRDM has been the subject of a number of analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Iridium Communications in a research note on Wednesday, October 8th. Morgan Stanley cut their price target on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. BWS Financial lowered Iridium Communications from a “neutral” rating to a “sell” rating and cut their price target for the stock from $25.00 to $16.00 in a research note on Tuesday, September 9th. Raymond James Financial lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $39.00 to $26.00 in a research note on Thursday, September 11th. Finally, Barclays cut their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Iridium Communications currently has an average rating of “Moderate Buy” and an average target price of $29.67.

Iridium Communications Stock Up 3.6%

Shares of NASDAQ IRDM opened at $19.66 on Thursday. The firm’s 50-day moving average price is $20.67 and its 200-day moving average price is $24.65. The company has a current ratio of 2.51, a quick ratio of 1.75 and a debt-to-equity ratio of 3.82. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 19.86, a P/E/G ratio of 0.69 and a beta of 0.70. Iridium Communications Inc has a 12-month low of $17.08 and a 12-month high of $34.45.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The business had revenue of $216.91 million for the quarter, compared to analysts’ expectations of $214.73 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts anticipate that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

Iridium Communications Profile

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.