Iridium Communications (NASDAQ:IRDM) received a $30.50 price target from equities researchers at Barclays in a report issued on Wednesday, TipRanks reports. The firm currently has a “buy” rating on the technology company’s stock. Barclays‘s price objective would indicate a potential upside of 33.19% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on IRDM. BidaskClub raised shares of Iridium Communications from a “sell” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. BWS Financial set a $33.00 price target on shares of Iridium Communications and gave the company a “buy” rating in a research report on Tuesday, September 17th. Sidoti raised shares of Iridium Communications from a “neutral” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Wednesday. Finally, ValuEngine cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Iridium Communications has an average rating of “Buy” and a consensus price target of $26.92.
IRDM traded up $0.49 on Wednesday, hitting $22.90. 902,457 shares of the company’s stock were exchanged, compared to its average volume of 924,455. Iridium Communications has a fifty-two week low of $16.64 and a fifty-two week high of $28.24. The company has a current ratio of 1.13, a quick ratio of 1.00 and a debt-to-equity ratio of 1.11. The firm has a 50-day moving average price of $23.10 and a 200-day moving average price of $24.26. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -163.57 and a beta of 2.07.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.02. Iridium Communications had a negative net margin of 10.37% and a negative return on equity of 3.56%. The company had revenue of $143.10 million for the quarter, compared to analysts’ expectations of $132.92 million. During the same quarter in the previous year, the company posted $0.06 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts predict that Iridium Communications will post -0.59 EPS for the current year.
Hedge funds have recently made changes to their positions in the company. Executive Wealth Management LLC boosted its position in shares of Iridium Communications by 378.7% during the 2nd quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock valued at $42,000 after acquiring an additional 1,420 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Iridium Communications during the 2nd quarter valued at about $43,000. Strs Ohio boosted its position in shares of Iridium Communications by 42.9% during the 2nd quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock valued at $69,000 after acquiring an additional 900 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Iridium Communications during the 2nd quarter valued at about $103,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Iridium Communications during the 2nd quarter valued at about $105,000. 76.33% of the stock is currently owned by hedge funds and other institutional investors.
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.
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