Analysts forecast that Iridium Communications Inc (NASDAQ:IRDM) will post earnings of ($0.16) per share for the current quarter, according to Zacks. Four analysts have made estimates for Iridium Communications’ earnings, with estimates ranging from ($0.33) to $0.02. Iridium Communications posted earnings per share of $0.08 during the same quarter last year, which would indicate a negative year over year growth rate of 300%. The company is expected to report its next quarterly earnings results on Thursday, February 28th.
According to Zacks, analysts expect that Iridium Communications will report full year earnings of ($0.28) per share for the current fiscal year, with EPS estimates ranging from ($0.45) to ($0.10). For the next fiscal year, analysts expect that the firm will post earnings of ($0.55) per share, with EPS estimates ranging from ($1.16) to ($0.03). Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that cover Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The business had revenue of $136.76 million during the quarter, compared to analyst estimates of $128.32 million. Iridium Communications had a net margin of 26.88% and a return on equity of 1.01%.
A number of brokerages have recently issued reports on IRDM. Raymond James upgraded shares of Iridium Communications to a “strong-buy” rating in a research note on Thursday, October 11th. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a research note on Friday, August 3rd. BidaskClub upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 9th. Northland Securities reiterated a “hold” rating and set a $14.75 price target on shares of Iridium Communications in a research note on Wednesday, August 1st. Finally, Barclays began coverage on shares of Iridium Communications in a research note on Tuesday, October 30th. They set an “overweight” rating and a $26.00 price target on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $21.35.
In related news, COO S. Scott Smith sold 27,761 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $20.55, for a total transaction of $570,488.55. Following the sale, the chief operating officer now owns 246,362 shares of the company’s stock, valued at $5,062,739.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 59,261 shares of company stock worth $1,208,294. 5.60% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in IRDM. Advisors Preferred LLC purchased a new stake in Iridium Communications during the second quarter worth about $127,000. Independent Advisor Alliance purchased a new stake in shares of Iridium Communications in the second quarter valued at about $161,000. Wedbush Securities Inc. purchased a new stake in shares of Iridium Communications in the second quarter valued at about $169,000. Jane Street Group LLC purchased a new stake in shares of Iridium Communications in the second quarter valued at about $172,000. Finally, Trexquant Investment LP purchased a new stake in shares of Iridium Communications in the second quarter valued at about $214,000. 85.83% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ IRDM opened at $21.66 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.46 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 30.94 and a beta of 2.00. Iridium Communications has a one year low of $10.75 and a one year high of $24.10.
About Iridium Communications
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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