Iridium Communications Inc (NASDAQ:IRDM) was upgraded by equities researchers at ValuEngine from a “buy” rating to a “strong-buy” rating in a report issued on Friday, September 1st.
Several other brokerages also recently commented on IRDM. BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Drexel Hamilton restated a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a research report on Thursday, August 31st. TheStreet lowered shares of Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Finally, Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Monday, July 31st. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $13.00.
Shares of Iridium Communications (NASDAQ IRDM) opened at 10.10 on Friday. Iridium Communications has a 12-month low of $7.36 and a 12-month high of $11.58. The company has a 50 day moving average price of $10.21 and a 200 day moving average price of $10.16. The firm has a market cap of $986.45 million, a PE ratio of 10.80 and a beta of 1.72.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The business had revenue of $111.60 million for the quarter, compared to the consensus estimate of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. Iridium Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, analysts forecast that Iridium Communications will post $0.80 earnings per share for the current fiscal year.
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In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total value of $1,418,850.00. Following the transaction, the chief operating officer now directly owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a document filed with the SEC, which is available through this link. 6.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of IRDM. BlackRock Inc. raised its stake in shares of Iridium Communications by 67,429.0% during the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock worth $122,024,000 after buying an additional 12,626,087 shares during the last quarter. Northern Trust Corp raised its stake in shares of Iridium Communications by 64.1% during the second quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock worth $22,711,000 after buying an additional 803,190 shares during the last quarter. LSV Asset Management grew its holdings in Iridium Communications by 23.5% during the second quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock valued at $44,224,000 after purchasing an additional 761,679 shares during the period. Gamco Investors INC. ET AL grew its holdings in Iridium Communications by 837.8% during the first quarter. Gamco Investors INC. ET AL now owns 662,951 shares of the technology company’s stock valued at $6,397,000 after purchasing an additional 592,258 shares during the period. Finally, Pinnacle Associates Ltd. grew its holdings in Iridium Communications by 22.5% during the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock valued at $26,190,000 after purchasing an additional 498,165 shares during the period.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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