Iridium Communications (NASDAQ:IRDM) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, August 31st, BidAskClub reports.
Separately, Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $24.50.
IRDM stock traded down $0.28 during midday trading on Friday, reaching $26.54. The company had a trading volume of 711,918 shares, compared to its average volume of 558,975. The stock has a 50 day moving average price of $23.97 and a 200 day moving average price of $24.45. The firm has a market capitalization of $3.48 billion, a PE ratio of -189.57 and a beta of 2.10. The company has a quick ratio of 1.00, a current ratio of 1.13 and a debt-to-equity ratio of 1.11. Iridium Communications has a fifty-two week low of $16.64 and a fifty-two week high of $28.24.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.02. Iridium Communications had a negative return on equity of 3.56% and a negative net margin of 10.37%. 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 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Research analysts predict that Iridium Communications will post -0.58 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in Iridium Communications by 9.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock worth $107,919,000 after purchasing an additional 517,624 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Iridium Communications during the 4th quarter valued at $520,000. Geode Capital Management LLC grew its holdings in shares of Iridium Communications by 8.2% during the 4th quarter. Geode Capital Management LLC now owns 1,084,230 shares of the technology company’s stock valued at $20,004,000 after acquiring an additional 81,757 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Iridium Communications by 427.4% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,085 shares of the technology company’s stock valued at $82,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Iridium Communications during the 1st quarter valued at $55,000. 76.34% of the stock is currently owned by institutional investors.
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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