Wall Street analysts forecast that Iridium Communications Inc (NASDAQ:IRDM) will report $140.54 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Iridium Communications’ earnings. The highest sales estimate is $144.76 million and the lowest is $130.70 million. Iridium Communications reported sales of $136.76 million during the same quarter last year, which indicates a positive year-over-year growth rate of 2.8%. The firm is scheduled to report its next earnings results on Thursday, October 24th.
According to Zacks, analysts expect that Iridium Communications will report full year sales of $556.06 million for the current year, with estimates ranging from $541.80 million to $566.06 million. For the next fiscal year, analysts anticipate that the business will report sales of $594.80 million, with estimates ranging from $571.90 million to $611.21 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The company had revenue of $143.10 million for the quarter, compared to analysts’ expectations of $132.92 million. Iridium Communications had a negative net margin of 10.37% and a negative return on equity of 3.56%. Iridium Communications’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 earnings per share.
Several brokerages have issued reports on IRDM. Raymond James lowered Iridium Communications from a “strong-buy” rating to an “outperform” rating and upped their target price for the stock from $25.00 to $30.00 in a research note on Wednesday, April 24th. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Saturday, July 27th. Finally, BidaskClub lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $24.50.
In related news, Director Parker William Rush acquired 4,000 shares of the stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $22.70 per share, with a total value of $90,800.00. Following the transaction, the director now directly owns 201,248 shares in the company, valued at $4,568,329.60. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 5.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of IRDM. Executive Wealth Management LLC boosted its holdings in Iridium Communications by 378.7% in the second quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock valued at $42,000 after purchasing an additional 1,420 shares during the period. Point72 Asset Management L.P. acquired a new stake in Iridium Communications in the 2nd quarter valued at $43,000. Osborn Williams & Donohoe LLC acquired a new stake in Iridium Communications in the 1st quarter valued at $56,000. Strs Ohio acquired a new stake in Iridium Communications in the 1st quarter valued at $55,000. Finally, Creative Financial Designs Inc. ADV increased its holdings in Iridium Communications by 18.3% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 2,780 shares of the technology company’s stock valued at $74,000 after purchasing an additional 430 shares in the last quarter. 73.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of IRDM stock traded up $0.09 during trading on Friday, hitting $21.61. The company had a trading volume of 399,144 shares, compared to its average volume of 921,791. The company has a quick ratio of 1.00, a current ratio of 1.13 and a debt-to-equity ratio of 1.11. The business’s 50-day simple moving average is $24.01. The firm has a market cap of $2.92 billion, a PE ratio of -154.36 and a beta of 2.12. Iridium Communications has a 52 week low of $16.64 and a 52 week high of $28.24.
About Iridium Communications
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.
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