Iridium Communications Inc (NASDAQ:IRDM) was upgraded by equities researchers at TheStreet from a “c+” rating to a “b” rating in a note issued to investors on Friday, October 27th.
Several other brokerages have also recently issued reports on IRDM. Wells Fargo & Company raised their price objective on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Zacks Investment Research cut Iridium Communications from a “hold” rating to a “sell” rating in a research note on Saturday, October 28th. BidaskClub upgraded Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Finally, Drexel Hamilton restated a “buy” rating and set a $14.00 price objective on shares of Iridium Communications in a research note on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Iridium Communications currently has an average rating of “Buy” and an average price target of $12.33.
Iridium Communications (NASDAQ IRDM) traded down $0.05 during mid-day trading on Friday, hitting $11.10. 400,700 shares of the stock were exchanged, compared to its average volume of 921,362. Iridium Communications has a twelve month low of $7.80 and a twelve month high of $12.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.78 and a quick ratio of 2.67. The firm has a market capitalization of $1,090.00, a P/E ratio of 11.96, a P/E/G ratio of 2.64 and a beta of 1.78.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.05. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. The firm had revenue of $116.55 million for the quarter, compared to analysts’ expectations of $113.96 million. During the same period last year, the business posted $0.26 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. research analysts forecast that Iridium Communications will post 0.83 EPS for the current fiscal year.
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In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total value of $1,418,850.00. Following the sale, 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 Securities & Exchange Commission, which is accessible through this link. Also, Director A B. Krongard acquired 45,750 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average price of $10.89 per share, for a total transaction of $498,217.50. Following the completion of the purchase, the director now owns 149,788 shares of the company’s stock, valued at $1,631,191.32. The disclosure for this purchase can be found here. Company insiders own 6.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. 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 valued at $122,024,000 after purchasing an additional 12,626,087 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Iridium Communications by 2.5% during the second quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock valued at $113,271,000 after purchasing an additional 250,505 shares in the last quarter. Capital World Investors raised its stake in shares of Iridium Communications by 1.9% during the second quarter. Capital World Investors now owns 7,206,088 shares of the technology company’s stock valued at $79,627,000 after purchasing an additional 132,088 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in shares of Iridium Communications by 5.6% during the second quarter. Van Berkom & Associates Inc. now owns 5,302,671 shares of the technology company’s stock valued at $58,595,000 after purchasing an additional 282,084 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of 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 in 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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