Iridium Communications (IRDM) Raised to “Strong-Buy” at ValuEngine

Iridium Communications (NASDAQ:IRDM) was upgraded by investment analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday, May 31st.

Several other research firms also recently weighed in on IRDM. BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 26th. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 26th. TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a research note on Tuesday, May 15th. Finally, BWS Financial assumed coverage on shares of Iridium Communications in a research note on Wednesday, May 9th. They set a “buy” rating and a $22.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $15.25.

Shares of Iridium Communications traded up $0.55, reaching $17.85, during trading hours on Thursday, according to Marketbeat Ratings. 2,048,000 shares of the stock traded hands, compared to its average volume of 936,654. Iridium Communications has a 52 week low of $9.68 and a 52 week high of $17.95. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.68 and a quick ratio of 2.58. The firm has a market capitalization of $1.74 billion, a P/E ratio of 25.50, a PEG ratio of 29.63 and a beta of 1.86.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, April 26th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. Iridium Communications had a net margin of 44.81% and a return on equity of 5.19%. The business had revenue of $119.10 million during the quarter, compared to the consensus estimate of $111.60 million. During the same quarter last year, the company posted $0.30 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. equities research analysts expect that Iridium Communications will post 0.11 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the business. Chesapeake Wealth Management bought a new stake in Iridium Communications during the first quarter valued at approximately $342,000. Principal Financial Group Inc. lifted its position in Iridium Communications by 3.2% during the first quarter. Principal Financial Group Inc. now owns 706,703 shares of the technology company’s stock valued at $7,950,000 after purchasing an additional 21,616 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Iridium Communications during the first quarter valued at approximately $302,000. Levin Capital Strategies L.P. bought a new stake in Iridium Communications during the first quarter valued at approximately $253,000. Finally, Barclays PLC lifted its position in Iridium Communications by 99.7% during the first quarter. Barclays PLC now owns 47,766 shares of the technology company’s stock valued at $538,000 after purchasing an additional 23,843 shares during the last quarter. Institutional investors and hedge funds own 88.59% of the company’s stock.

About Iridium Communications

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Foxconn Launches Investigation After Reports Of Harsh Working Conditions At Its Factory Foxconn has announced that it has launched investigations into allegations of harsh working conditions at its factory. The company made the announcement after China Labor Watch, which is based in the New York, published a report that indicated Amazon’s workers were being subjected to many hours of work, inadequate training, low wages as well as over dependence on temporary workers. Undercover investigation Before compiling the report, an investigator from China Labor Watch went underground and acted as a worker in the factory. He then interviewed 20 workers, as well as took time to observe the conditions. During the period of investigation, the undercover investigator secured a position in the factory to clean Echo Dot speakers using a toothbrush soaked in rubbing alcohol to remove dust.  In its investigation, China Labor Watch said around 40% of the employees at the factory were on temporary basis. This is far beyond the 10% that is legally allowed under the Chinese law. Additionally, the investigation also found out that dispatch employees were paid at the same rate for both regular and overtime hours.  According to the investigation, the company was paying dispatch workers $2.26 per hour. Additionally, workers were working over 100 hours in over time every month during peak season. This is way beyond the 36 hours of overtime allowed under the law. Additionally, some workers worked for 14 consecutive days.   Amazon’s audit  In its response, Amazon said it carried out an audit of the factory and found that dispatch workers and overtime are matters of great concern. Amazon in a statement, said following the revelation, it requested Foxconn to put in place a corrective plan. Amazon said it is currently monitoring the response from Foxconn as well as the compliance with its Supplier Code of Conduct. Amazon expressed its commitment to ensuring that the matter is fully resolved.  Echo Speakers Amazon, which is the largest online retailer in the world, sells a variety of devices. The company uses tablets and kindles to sell more digital books.   Foxconn, which is based in Taiwan is the largest manufacturer of contract electronics in the world and has a headcount of over a million people. The company, which makes Apple iPhones made headlines following as series of suicides at its plant. The suicides were linked to poor working conditions at the plant to which the company responded with a promise to improve the working conditions.
Foxconn Launches Investigation After Reports Of Harsh Working Conditions At Its Factory Foxconn has announced that it has launched investigations into allegations of harsh working conditions at its factory. The company made the announcement after China Labor Watch, which is based in the New York, published a report that indicated Amazon’s workers were being subjected to many hours of work, inadequate training, low wages as well as over dependence on temporary workers. Undercover investigation Before compiling the report, an investigator from China Labor Watch went underground and acted as a worker in the factory. He then interviewed 20 workers, as well as took time to observe the conditions. During the period of investigation, the undercover investigator secured a position in the factory to clean Echo Dot speakers using a toothbrush soaked in rubbing alcohol to remove dust. In its investigation, China Labor Watch said around 40% of the employees at the factory were on temporary basis. This is far beyond the 10% that is legally allowed under the Chinese law. Additionally, the investigation also found out that dispatch employees were paid at the same rate for both regular and overtime hours. According to the investigation, the company was paying dispatch workers $2.26 per hour. Additionally, workers were working over 100 hours in over time every month during peak season. This is way beyond the 36 hours of overtime allowed under the law. Additionally, some workers worked for 14 consecutive days. Amazon’s audit In its response, Amazon said it carried out an audit of the factory and found that dispatch workers and overtime are matters of great concern. Amazon in a statement, said following the revelation, it requested Foxconn to put in place a corrective plan. Amazon said it is currently monitoring the response from Foxconn as well as the compliance with its Supplier Code of Conduct. Amazon expressed its commitment to ensuring that the matter is fully resolved. Echo Speakers Amazon, which is the largest online retailer in the world, sells a variety of devices. The company uses tablets and kindles to sell more digital books. Foxconn, which is based in Taiwan is the largest manufacturer of contract electronics in the world and has a headcount of over a million people. The company, which makes Apple iPhones made headlines following as series of suicides at its plant. The suicides were linked to poor working conditions at the plant to which the company responded with a promise to improve the working conditions.

Leave a Reply