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.
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