Iridium Communications (NASDAQ:IRDM) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, December 29th.
Several other brokerages also recently weighed in on IRDM. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. Wells Fargo & Co lifted their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a report on Friday, October 27th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $13.00.
Iridium Communications (NASDAQ:IRDM) opened at $12.70 on Friday. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17. The stock has a market cap of $1,240.00, a P/E ratio of 16.08, a P/E/G ratio of 4.10 and a beta of 1.75. Iridium Communications has a 1-year low of $7.80 and a 1-year high of $12.90.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The company had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. During the same quarter last year, the firm posted $0.26 earnings per share. The firm’s revenue was up 3.3% compared to the same quarter last year. analysts expect that Iridium Communications will post 0.83 EPS for the current year.
In related news, Director A B. Krongard acquired 45,750 shares of Iridium Communications stock in a transaction dated Thursday, November 9th. The shares were purchased at an average price of $10.89 per share, for a total transaction of $498,217.50. Following the completion of the transaction, the director now directly owns 149,788 shares in the company, valued at approximately $1,631,191.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Flinton Capital Management LLC raised its position in shares of Iridium Communications by 80.6% during the second quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock valued at $101,000 after buying an additional 4,060 shares during the last quarter. Thompson Davis & CO. Inc. bought a new stake in Iridium Communications in the second quarter worth $102,000. PNC Financial Services Group Inc. increased its position in Iridium Communications by 15.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock worth $109,000 after purchasing an additional 1,303 shares during the last quarter. QS Investors LLC increased its position in Iridium Communications by 23,091.5% in the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock worth $120,000 after purchasing an additional 10,853 shares during the last quarter. Finally, Amalgamated Bank increased its position in Iridium Communications by 2.5% in the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock worth $126,000 after purchasing an additional 284 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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