Iridium Communications (NASDAQ:IRDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, December 26th. The firm presently has a $13.00 target price on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 2.36% from the company’s previous close.
According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “
A number of other brokerages have also issued reports on IRDM. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Saturday, December 16th. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Wells Fargo & Co lifted their target price on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a research note on Friday, October 27th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Finally, Drexel Hamilton reissued a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research note on Thursday, August 31st. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $13.00.
Iridium Communications (IRDM) opened at $12.70 on Tuesday. Iridium Communications has a 12-month low of $7.80 and a 12-month high of $12.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.78 and a quick ratio of 2.67. The stock has a market cap of $1,240.00, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 4.10 and a beta of 1.75.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The firm had revenue of $116.55 million for the quarter, compared to analysts’ expectations of $113.96 million. During the same period in the previous year, the company posted $0.26 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. equities analysts forecast that Iridium Communications will post 0.83 EPS for the current year.
In other Iridium Communications news, Director A B. Krongard acquired 45,750 shares of Iridium Communications stock in a transaction that occurred on Thursday, November 9th. The stock was acquired at an average price of $10.89 per share, with a total value of $498,217.50. Following the purchase, the director now owns 149,788 shares in the company, valued at $1,631,191.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Iridium Communications by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock worth $113,271,000 after acquiring an additional 250,505 shares during the last quarter. Capital World Investors lifted its position in Iridium Communications by 1.9% during the 2nd quarter. Capital World Investors now owns 7,206,088 shares of the technology company’s stock worth $79,627,000 after acquiring an additional 132,088 shares during the last quarter. LSV Asset Management lifted its position in Iridium Communications by 23.5% during the 2nd quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock worth $44,224,000 after acquiring an additional 761,679 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Iridium Communications by 16.8% during the 2nd quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock worth $35,024,000 after acquiring an additional 455,585 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Iridium Communications by 64.1% during the 2nd quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock worth $22,711,000 after acquiring an additional 803,190 shares during the last quarter.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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