Shares of Iridium Communications Inc (NASDAQ:IRDM) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $21.40 and last traded at $21.35, with a volume of 19404 shares changing hands. The stock had previously closed at $21.05.
A number of analysts have recently issued reports on IRDM shares. BWS Financial started coverage on Iridium Communications in a research report on Wednesday, May 9th. They set a “buy” rating and a $22.00 price target for the company. Zacks Investment Research upgraded Iridium Communications from a “sell” rating to a “hold” rating in a research report on Saturday, May 12th. TheStreet downgraded Iridium Communications from a “b” rating to a “c+” rating in a research report on Tuesday, May 15th. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 26th. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $17.44.
The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 29.86 and a beta of 1.84. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09.
Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The company had revenue of $134.93 million during the quarter, compared to the consensus estimate of $120.54 million. Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. Iridium Communications’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. equities analysts forecast that Iridium Communications Inc will post -0.14 earnings per share for the current year.
In related news, COO S. Scott Smith sold 27,761 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $20.55, for a total value of $570,488.55. Following the completion of the sale, the chief operating officer now owns 246,362 shares in the company, valued at approximately $5,062,739.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas D. Hickey sold 13,455 shares of the business’s 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 completion of the sale, the insider now owns 125,820 shares of the company’s stock, valued at approximately $2,372,965.20. The disclosure for this sale can be found here. Insiders sold a total of 83,371 shares of company stock valued at $1,635,766 in the last 90 days. 5.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Advisors Preferred LLC purchased a new position in Iridium Communications in the 2nd quarter worth approximately $127,000. Independent Advisor Alliance purchased a new position in Iridium Communications in the 2nd quarter worth approximately $161,000. Wedbush Securities Inc. purchased a new position in Iridium Communications in the 2nd quarter worth approximately $169,000. Jane Street Group LLC purchased a new position in Iridium Communications in the 2nd quarter worth approximately $172,000. Finally, Rockefeller Capital Management L.P. purchased a new position in Iridium Communications in the 1st quarter worth approximately $143,000. 86.24% of the stock is currently owned by institutional investors and hedge funds.
About Iridium Communications (NASDAQ:IRDM)
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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