Shares of Iridium Communications Inc (NASDAQ:IRDM) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $23.33.
A number of equities analysts recently issued reports on IRDM shares. Raymond James reaffirmed an “outperform” rating and issued a C$44.00 price target on shares of Teck Resources in a report on Wednesday, April 24th. BidaskClub downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Northland Securities reaffirmed a “sell” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Wednesday, March 20th.
IRDM traded up $0.14 on Friday, reaching $24.56. The company’s stock had a trading volume of 11,330 shares, compared to its average volume of 774,513. The business has a 50 day simple moving average of $22.91. The company has a quick ratio of 0.96, a current ratio of 1.05 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $2.77 billion, a P/E ratio of -174.89 and a beta of 2.12. Iridium Communications has a fifty-two week low of $16.64 and a fifty-two week high of $28.24.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.05. The firm had revenue of $133.70 million during the quarter, compared to the consensus estimate of $128.54 million. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) earnings per share. On average, research analysts forecast that Iridium Communications will post -0.75 EPS for the current year.
In other news, Director Parker William Rush acquired 4,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $22.70 per share, with a total value of $90,800.00. Following the completion of the acquisition, the director now owns 201,248 shares of the company’s stock, valued at $4,568,329.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas Fitzpatrick sold 244,778 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $27.07, for a total value of $6,626,140.46. Following the completion of the sale, the chief financial officer now directly owns 574,128 shares of the company’s stock, valued at $15,541,644.96. The disclosure for this sale can be found here. Insiders sold 431,289 shares of company stock valued at $11,683,679 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Strs Ohio acquired a new stake in shares of Iridium Communications in the first quarter valued at approximately $55,000. Osborn Williams & Donohoe LLC acquired a new stake in shares of Iridium Communications in the first quarter valued at approximately $56,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of Iridium Communications by 18.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 2,780 shares of the technology company’s stock valued at $74,000 after acquiring an additional 430 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Iridium Communications by 427.4% in the first quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the technology company’s stock valued at $82,000 after acquiring an additional 2,500 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $116,000. 84.41% of the stock is owned by institutional investors and hedge funds.
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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