Iridium Communications Inc (IRDM) Given Average Rating of “Buy” by Brokerages

Iridium Communications Inc (NASDAQ:IRDM) has received an average rating of “Buy” from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $17.00.

A number of equities research analysts have issued reports on the company. Northland Securities reaffirmed a “hold” rating and set a $14.75 target price on shares of Iridium Communications in a research report on Wednesday, August 1st. BidaskClub cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 26th. Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a research report on Monday, August 27th. Zacks Investment Research cut Iridium Communications from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 4th. Finally, ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st.

In other news, COO S. Scott Smith sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $20.10, for a total transaction of $70,350.00. Following the completion of the transaction, the chief operating officer now directly owns 221,034 shares in the company, valued at $4,442,783.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Hickey sold 13,455 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $18.86, for a total value of $253,761.30. Following the transaction, the insider now owns 125,820 shares of the company’s stock, valued at $2,372,965.20. The disclosure for this sale can be found here. Insiders have sold 86,871 shares of company stock valued at $1,706,116 in the last ninety days. Company insiders own 5.60% of the company’s stock.

Several hedge funds have recently modified their holdings of IRDM. BlackRock Inc. lifted its holdings in shares of Iridium Communications by 8.3% during the second quarter. BlackRock Inc. now owns 12,461,562 shares of the technology company’s stock worth $200,630,000 after buying an additional 949,870 shares during the last quarter. Van Berkom & Associates Inc. lifted its holdings in shares of Iridium Communications by 14.5% during the first quarter. Van Berkom & Associates Inc. now owns 5,844,387 shares of the technology company’s stock worth $65,749,000 after buying an additional 740,323 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Iridium Communications by 187.3% during the second quarter. Renaissance Technologies LLC now owns 1,038,600 shares of the technology company’s stock worth $16,721,000 after buying an additional 677,100 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Iridium Communications by 15.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,525,448 shares of the technology company’s stock worth $72,860,000 after buying an additional 594,513 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Iridium Communications by 143.8% during the first quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after buying an additional 494,515 shares during the last quarter. Institutional investors own 86.24% of the company’s stock.

Shares of NASDAQ IRDM traded down $0.05 during trading hours on Monday, hitting $20.20. The stock had a trading volume of 822,515 shares, compared to its average volume of 935,106. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 28.86 and a beta of 1.84. Iridium Communications has a 52 week low of $9.80 and a 52 week high of $21.55. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.09 and a current ratio of 2.18.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The firm had revenue of $134.93 million during the quarter, compared to analysts’ expectations of $120.54 million. Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The company’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.20 earnings per share. analysts predict that Iridium Communications will post -0.14 EPS for the current year.

Iridium Communications Company Profile

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.

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