Barclays Boosts Iridium Communications (NASDAQ:IRDM) Price Target to $44.00

Iridium Communications (NASDAQ:IRDM) had its target price raised by analysts at Barclays from $42.00 to $44.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Barclays‘s target price points to a potential upside of 39.73% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Raymond James cut their price target on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. BWS Financial restated a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research note on Monday. Finally, TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Iridium Communications currently has an average rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Trading Up 6.1 %

Shares of IRDM traded up $1.80 during trading on Friday, reaching $31.49. 438,616 shares of the company traded hands, compared to its average volume of 1,134,737. The company has a quick ratio of 2.52, a current ratio of 3.33 and a debt-to-equity ratio of 1.86. The stock has a market cap of $3.82 billion, a PE ratio of 148.38 and a beta of 0.85. The stock has a 50-day simple moving average of $27.29 and a 200-day simple moving average of $34.53. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $65.69.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The business had revenue of $203.80 million for the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.08 EPS. On average, analysts anticipate that Iridium Communications will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On Iridium Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwest Financial Advisors acquired a new position in shares of Iridium Communications during the fourth quarter worth approximately $26,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Iridium Communications during the fourth quarter worth approximately $41,000. Covestor Ltd lifted its holdings in shares of Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after buying an additional 457 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Iridium Communications during the fourth quarter worth approximately $60,000. Finally, Quarry LP lifted its holdings in shares of Iridium Communications by 691.4% during the fourth quarter. Quarry LP now owns 1,939 shares of the technology company’s stock worth $80,000 after buying an additional 1,694 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

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.