Iridium Communications Inc (NASDAQ:IRDM) Receives $25.00 Consensus Target Price from Analysts

Iridium Communications Inc (NASDAQ:IRDM) has earned a consensus rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $25.00.

IRDM has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $24.00 price target (down from $37.00) on shares of Iridium Communications in a research report on Friday, January 16th. Finally, BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a report on Friday, October 24th.

Iridium Communications Stock Performance

NASDAQ:IRDM opened at $20.00 on Wednesday. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.93 and a current ratio of 2.67. The stock has a market capitalization of $2.10 billion, a PE ratio of 17.70, a P/E/G ratio of 1.16 and a beta of 0.61. Iridium Communications has a fifty-two week low of $15.65 and a fifty-two week high of $34.45. The company has a fifty day moving average of $18.60 and a two-hundred day moving average of $19.84.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, December 15th. Iridium Communications’s dividend payout ratio (DPR) is currently 53.10%.

Institutional Trading of Iridium Communications

Large investors have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in shares of Iridium Communications by 265.8% during the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after purchasing an additional 2,208,857 shares during the last quarter. Man Group plc lifted its position in Iridium Communications by 226.3% during the third quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock worth $35,131,000 after buying an additional 1,395,485 shares in the last quarter. ARK Investment Management LLC lifted its position in Iridium Communications by 21.7% during the third quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after buying an additional 1,156,580 shares in the last quarter. Silver Heights Capital Management Inc boosted its stake in Iridium Communications by 22.7% during the third quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock worth $90,612,000 after buying an additional 961,440 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Iridium Communications by 124.8% in the 3rd quarter. Bank of America Corp DE now owns 1,581,142 shares of the technology company’s stock valued at $27,607,000 after buying an additional 877,760 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

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.