Iridium Communications (IRDM) Upgraded to Buy at Zacks Investment Research

Iridium Communications (NASDAQ:IRDM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, December 26th. The firm currently has a $13.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 2.36% from the company’s current price.

According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “

Other analysts also recently issued research reports about the stock. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Drexel Hamilton reaffirmed a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, December 16th. Wells Fargo & Co raised their target price on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research report on Friday, October 27th. Finally, ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Iridium Communications has an average rating of “Buy” and an average price target of $13.00.

Iridium Communications (NASDAQ:IRDM) opened at $12.70 on Tuesday. Iridium Communications has a 1-year low of $7.80 and a 1-year high of $12.90. The company has a market cap of $1,240.00, a PE ratio of 16.08, a price-to-earnings-growth ratio of 4.07 and a beta of 1.75. The company has a current ratio of 2.78, a quick ratio of 2.67 and a debt-to-equity ratio of 1.17.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. The firm had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 EPS. equities research analysts forecast that Iridium Communications will post 0.83 earnings per share for the current fiscal year.

In related news, Director A B. Krongard acquired 45,750 shares of the stock in a transaction dated Thursday, November 9th. The stock was acquired at an average cost 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 approximately $1,631,191.32. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 6.40% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Royce & Associates LP lifted its stake in shares of Iridium Communications by 26.9% during the third quarter. Royce & Associates LP now owns 909,913 shares of the technology company’s stock worth $9,372,000 after buying an additional 193,000 shares during the period. Elk Creek Partners LLC lifted its position in Iridium Communications by 7.2% during the third quarter. Elk Creek Partners LLC now owns 1,056,308 shares of the technology company’s stock valued at $10,880,000 after purchasing an additional 70,990 shares during the period. Brown Advisory Inc. lifted its position in Iridium Communications by 2.5% during the third quarter. Brown Advisory Inc. now owns 404,713 shares of the technology company’s stock valued at $4,168,000 after purchasing an additional 9,720 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Iridium Communications by 8.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 584,531 shares of the technology company’s stock valued at $6,021,000 after purchasing an additional 44,141 shares during the period. Finally, Wells Fargo & Company MN lifted its position in Iridium Communications by 23.8% during the third quarter. Wells Fargo & Company MN now owns 271,423 shares of the technology company’s stock valued at $2,796,000 after purchasing an additional 52,238 shares during the period.

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About Iridium Communications

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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