Iridium Communications Inc (IRDM) Upgraded to “B” at TheStreet
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Iridium Communications from a hold rating to a buy rating and set a $11.00 target price for the company in a research note on Wednesday, September 27th. BidaskClub upgraded shares of Iridium Communications from a hold rating to a buy rating in a report on Saturday, July 1st. Drexel Hamilton reiterated a buy rating and set a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Wells Fargo & Company increased their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a market perform rating in a report on Friday. Finally, ValuEngine upgraded shares of Iridium Communications from a buy rating to a strong-buy rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Iridium Communications has an average rating of Buy and an average price target of $12.33.
Iridium Communications (NASDAQ IRDM) traded down 0.206% during trading on Friday, reaching $12.125. The company’s stock had a trading volume of 508,673 shares. Iridium Communications has a one year low of $7.50 and a one year high of $12.90. The company has a 50-day moving average of $10.79 and a 200 day moving average of $10.58. The firm has a market cap of $1.18 billion, a PE ratio of 12.968 and a beta of 1.72.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The business had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. During the same quarter last year, the firm earned $0.26 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts expect that Iridium Communications will post $0.82 EPS for the current fiscal year.
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In other news, COO S. Scott Smith sold 135,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total transaction of $1,418,850.00. Following the sale, the chief operating officer now owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 6.40% of the company’s stock.
Large investors have recently bought and sold shares of the company. Flinton Capital Management LLC grew its holdings in shares of Iridium Communications by 80.6% during the second quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock valued at $101,000 after buying an additional 4,060 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new stake in shares of Iridium Communications during the second quarter valued at approximately $102,000. PNC Financial Services Group Inc. grew its holdings in shares of Iridium Communications by 15.3% during the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after buying an additional 1,303 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Iridium Communications during the second quarter valued at approximately $116,000. Finally, QS Investors LLC grew its holdings in shares of Iridium Communications by 23,091.5% during the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock valued at $120,000 after buying an additional 10,853 shares during the last quarter.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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