Shares of Iridium Communications Inc (NASDAQ:IRDM) have received an average recommendation of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $15.69.
A number of research analysts have recently issued reports on IRDM shares. BidaskClub lowered Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 26th. ValuEngine lowered Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. BWS Financial started coverage on Iridium Communications in a report on Wednesday, May 9th. They issued a “buy” rating and a $22.00 target price on the stock. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a report on Tuesday, May 15th. Finally, Zacks Investment Research raised Iridium Communications from a “sell” rating to a “hold” rating in a report on Saturday, May 12th.
In related news, insider Thomas D. Hickey sold 13,455 shares of Iridium Communications stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $18.86, for a total value of $253,761.30. Following the sale, the insider now directly owns 125,820 shares in the company, valued at $2,372,965.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas C. Canfield sold 12,500 shares of Iridium Communications stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $19.30, for a total value of $241,250.00. Following the completion of the sale, the director now owns 212,498 shares in the company, valued at $4,101,211.40. The disclosure for this sale can be found here. In the last three months, insiders sold 55,610 shares of company stock worth $1,065,277. Corporate insiders own 5.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Cornerstone Wealth Management LLC purchased a new stake in shares of Iridium Communications in the second quarter valued at approximately $2,617,000. Rockefeller Capital Management L.P. boosted its stake in shares of Iridium Communications by 90.0% in the second quarter. Rockefeller Capital Management L.P. now owns 24,228 shares of the technology company’s stock valued at $390,000 after buying an additional 11,478 shares in the last quarter. Chicago Equity Partners LLC boosted its stake in shares of Iridium Communications by 25.2% in the first quarter. Chicago Equity Partners LLC now owns 147,390 shares of the technology company’s stock valued at $1,658,000 after buying an additional 29,700 shares in the last quarter. Tibra Equities Europe Ltd boosted its stake in shares of Iridium Communications by 180.8% in the first quarter. Tibra Equities Europe Ltd now owns 117,184 shares of the technology company’s stock valued at $1,318,000 after buying an additional 75,459 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new stake in shares of Iridium Communications in the second quarter valued at approximately $169,000. Hedge funds and other institutional investors own 89.06% of the company’s stock.
NASDAQ:IRDM opened at $20.35 on Thursday. The company has a market capitalization of $2.20 billion, a PE ratio of 29.07 and a beta of 1.92. The company has a current ratio of 2.18, a quick ratio of 2.09 and a debt-to-equity ratio of 1.20. Iridium Communications has a 12-month low of $9.68 and a 12-month high of $20.52.
Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.06). The business had revenue of $134.93 million for the quarter, compared to analyst estimates of $120.54 million. Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. equities analysts predict that Iridium Communications will post -0.14 earnings per share for the current year.
Iridium Communications Company Profile
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.
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