Iridium Communications (IRDM) Stock Rating Lowered by BidaskClub
BidaskClub lowered shares of Iridium Communications (NASDAQ:IRDM) from a strong-buy rating to a buy rating in a research note published on Tuesday morning.
A number of other analysts also recently issued reports on IRDM. Northland Securities reissued a hold rating and issued a $14.75 price objective on shares of Iridium Communications in a report on Wednesday, August 1st. Zacks Investment Research cut shares of Iridium Communications from a strong-buy rating to a hold rating in a research report on Saturday, August 4th. Finally, Sidoti restated a neutral rating on shares of Iridium Communications in a research report on Monday, August 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $18.55.
NASDAQ IRDM opened at $19.26 on Tuesday. The company has a quick ratio of 2.09, a current ratio of 2.18 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 27.74 and a beta of 1.84. Iridium Communications has a 12-month low of $9.95 and a 12-month high of $24.10.
In other news, Director Thomas C. Canfield sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $19.30, for a total value of $241,250.00. Following the completion of the transaction, the director now directly owns 212,498 shares in the company, valued at approximately $4,101,211.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $18.86, for a total transaction of $253,761.30. Following the completion of the transaction, the insider now owns 125,820 shares of the company’s stock, valued at $2,372,965.20. The disclosure for this sale can be found here. Insiders sold a total of 100,871 shares of company stock valued at $1,998,926 over the last 90 days. Corporate insiders own 5.60% of the company’s stock.
Large investors have recently modified their holdings of the company. Advisors Preferred LLC acquired a new position in Iridium Communications during the 2nd quarter worth approximately $127,000. Independent Advisor Alliance acquired a new position in Iridium Communications during the 2nd quarter worth approximately $161,000. Wedbush Securities Inc. acquired a new position in Iridium Communications during the 2nd quarter worth approximately $169,000. Jane Street Group LLC acquired a new position in Iridium Communications during the 2nd quarter worth approximately $172,000. Finally, Trexquant Investment LP acquired a new position in Iridium Communications during the 2nd quarter worth approximately $214,000. Institutional investors own 86.23% of the company’s stock.
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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