Iridium Communications (NASDAQ:IRDM) Announces Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) released its quarterly earnings results on Wednesday. The technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.17), FiscalAI reports. The company had revenue of $225.24 million during the quarter, compared to the consensus estimate of $220.32 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $47.24 on Wednesday. The stock has a market capitalization of $4.99 billion, a PE ratio of 47.72, a P/E/G ratio of 2.84 and a beta of 0.87. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. The business has a fifty day moving average price of $47.77 and a two-hundred day moving average price of $34.37. Iridium Communications has a fifty-two week low of $15.65 and a fifty-two week high of $57.18.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Iridium Communications’s payout ratio is currently 60.61%.

Analysts Set New Price Targets

IRDM has been the topic of several research reports. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Morgan Stanley lifted their price target on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Barclays boosted their price target on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. William Blair lowered Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.67.

Institutional Trading of Iridium Communications

Several large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC raised its stake in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares in the last quarter. Larson Financial Group LLC grew its stake in Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after buying an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Iridium Communications in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC bought a new position in Iridium Communications in the 3rd quarter valued at about $32,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Iridium Communications by 10,363.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,988 shares of the technology company’s stock valued at $35,000 after buying an additional 1,969 shares during the period. 84.36% of the stock is owned by institutional investors and hedge funds.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.