Iridium Communications Inc (NASDAQ:IRDM) Stock Has Average Target Price of $41.20

Iridium Communications Inc (NASDAQ:IRDM) has been given a consensus rating of “Hold” by the eight research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $41.20.

IRDM has been the subject of several research reports. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, October 21st.

Insider Buying and Selling at Iridium Communications

In other news, EVP Timothy Last sold 5,769 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $46.35, for a total value of $267,393.15. Following the completion of the sale, the executive vice president directly owned 84,130 shares in the company, valued at $3,899,425.50. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Suzanne Mcbride sold 85,454 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.28, for a total transaction of $4,296,627.12. Following the completion of the transaction, the insider directly owned 282,017 shares in the company, valued at approximately $14,179,814.76. This represents a 23.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 381,688 shares of company stock valued at $19,146,390. 2.70% of the stock is owned by company insiders.

Institutional Trading of Iridium Communications

Several large investors have recently bought and sold shares of IRDM. Private Advisor Group LLC purchased a new position in Iridium Communications in the 3rd quarter worth approximately $356,000. Public Sector Pension Investment Board grew its position in shares of Iridium Communications by 18.0% in the third quarter. Public Sector Pension Investment Board now owns 480,834 shares of the technology company’s stock valued at $22,426,000 after purchasing an additional 73,494 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of Iridium Communications by 136.3% in the third quarter. Global Retirement Partners LLC now owns 11,235 shares of the technology company’s stock valued at $538,000 after purchasing an additional 6,481 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Iridium Communications in the third quarter valued at approximately $397,000. Finally, Carlson Capital L.P. acquired a new stake in shares of Iridium Communications in the third quarter valued at approximately $532,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Trading Up 2.3%

IRDM stock opened at $46.13 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.72 and a debt-to-equity ratio of 3.34. Iridium Communications has a 12-month low of $15.65 and a 12-month high of $57.18. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 3.52 and a beta of 0.87. The business’s 50-day moving average is $46.42 and its 200 day moving average is $40.43.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Tuesday, October 20th. The technology company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.34 by $0.64. Iridium Communications had a return on equity of 22.04% and a net margin of 18.06%. The company had revenue of $245.73 million during the quarter, compared to analyst estimates of $236.30 million. During the same period in the previous year, the business earned $0.35 EPS. On average, sell-side analysts anticipate that Iridium Communications will post 0.98 EPS for the current fiscal year.

Iridium Communications Company Profile

Iridium Communications provides satellite voice and data services through a low Earth orbit constellation designed to deliver coverage across the globe, including polar regions and remote areas beyond the reach of many terrestrial networks. Its customers include businesses, government agencies, and individuals working on land, at sea, and in the air. The company offers satellite phones, voice and broadband connectivity, push-to-talk communications, and Internet of Things services. Its Iridium Certus platform supports voice and data applications, while its network also carries safety and operational communications for sectors such as maritime, aviation, and government.