Iridium Communications Inc (NASDAQ:IRDM) has been assigned a consensus recommendation of “Buy” from the nine research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $21.75.
A number of research firms have weighed in on IRDM. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Saturday, March 2nd. BidaskClub downgraded Iridium Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. Northland Securities reaffirmed a “sell” rating on shares of Iridium Communications in a research note on Friday, March 1st. Finally, Raymond James reaffirmed a “buy” rating on shares of Iridium Communications in a research note on Monday, January 14th.
IRDM stock opened at $26.60 on Tuesday. Iridium Communications has a fifty-two week low of $11.50 and a fifty-two week high of $28.24. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.38 and a current ratio of 1.49. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -190.00 and a beta of 2.14.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 28th. The technology company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.07. Iridium Communications had a negative return on equity of 0.29% and a negative net margin of 2.56%. The company had revenue of $132.20 million for the quarter, compared to the consensus estimate of $127.99 million. During the same quarter in the prior year, the company earned $1.10 earnings per share. Iridium Communications’s revenue was up 14.5% on a year-over-year basis. On average, equities analysts predict that Iridium Communications will post -0.77 earnings per share for the current year.
In other news, Director S. Scott Smith sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 11th. The stock was sold at an average price of $19.54, for a total value of $68,390.00. Following the transaction, the director now owns 219,967 shares of the company’s stock, valued at $4,298,155.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 20,000 shares of company stock worth $405,330 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of IRDM. FMR LLC raised its stake in shares of Iridium Communications by 200.2% in the fourth quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock worth $67,779,000 after buying an additional 2,450,078 shares during the period. Oregon Public Employees Retirement Fund bought a new position in shares of Iridium Communications in the fourth quarter worth about $37,000. Norges Bank bought a new stake in Iridium Communications during the 4th quarter valued at approximately $12,249,000. Dimensional Fund Advisors LP raised its stake in Iridium Communications by 9.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock valued at $107,919,000 after purchasing an additional 517,624 shares during the period. Finally, Dudley & Shanley Inc. raised its stake in Iridium Communications by 313.5% during the 1st quarter. Dudley & Shanley Inc. now owns 398,600 shares of the technology company’s stock valued at $10,539,000 after purchasing an additional 302,200 shares during the period. 84.77% of the stock is currently owned by hedge funds and other institutional investors.
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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