Iridium Communications (NASDAQ:IRDM) Stock Price Expected to Rise, Barclays Analyst Says

Iridium Communications (NASDAQ:IRDM) had its target price lifted by analysts at Barclays from $25.00 to $36.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s price target indicates a potential upside of 3.99% from the company’s current price.

IRDM has been the subject of several other reports. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Tuesday, February 17th. Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Finally, Morgan Stanley upped their target price on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $27.60.

Iridium Communications Stock Up 3.6%

Shares of NASDAQ:IRDM opened at $34.62 on Thursday. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. Iridium Communications has a 52-week low of $15.65 and a 52-week high of $35.12. The stock’s fifty day simple moving average is $24.77 and its 200-day simple moving average is $20.39. The company has a market capitalization of $3.63 billion, a P/E ratio of 32.66, a P/E/G ratio of 2.22 and a beta of 0.48.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The business had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. During the same period in the prior year, the business earned $0.32 earnings per share. The business’s revenue was up .0% on a year-over-year basis. As a group, equities research analysts forecast that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Timothy Kapalka sold 2,043 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $33.00, for a total value of $67,419.00. Following the completion of the sale, the chief accounting officer owned 45,721 shares in the company, valued at approximately $1,508,793. This trade represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iridium Communications

Large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC grew its stake in shares of 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 buying an additional 741 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of Iridium Communications by 184.7% in the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after buying an additional 977 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after buying an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications in the fourth quarter valued at about $27,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Iridium Communications in the third quarter valued at about $32,000. Institutional investors and hedge funds 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.