Iridium Communications Inc (NASDAQ:IRDM) has been given a consensus recommendation of “Buy” by the seven analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $13.00.
A number of equities research analysts have recently issued reports on IRDM shares. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Monday, July 31st. Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a report on Thursday, August 31st. Wells Fargo & Company upped their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a research note on Friday, October 27th. Finally, ValuEngine upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st.
Shares of Iridium Communications (NASDAQ:IRDM) opened at $11.00 on Tuesday. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17. The stock has a market cap of $1,072.78, a PE ratio of 11.90, a PEG ratio of 2.63 and a beta of 1.78. Iridium Communications has a fifty-two week low of $7.80 and a fifty-two week high of $12.90.
Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. The company had revenue of $116.55 million for the quarter, compared to analysts’ expectations of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. Iridium Communications’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. analysts predict that Iridium Communications will post 0.83 earnings per share for the current year.
In related news, COO S. Scott Smith sold 135,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total value of $1,418,850.00. Following the transaction, the chief operating officer now owns 309,000 shares in the company, valued at approximately $3,247,590. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director A B. Krongard purchased 45,750 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was bought at an average price of $10.89 per share, for a total transaction of $498,217.50. Following the purchase, the director now owns 149,788 shares in the company, valued at approximately $1,631,191.32. The disclosure for this purchase can be found here. 6.40% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royce & Associates LP grew its stake in Iridium Communications by 26.9% in the 3rd quarter. Royce & Associates LP now owns 909,913 shares of the technology company’s stock valued at $9,372,000 after buying an additional 193,000 shares during the last quarter. Elk Creek Partners LLC grew its stake in Iridium Communications by 7.2% in the 3rd quarter. Elk Creek Partners LLC now owns 1,056,308 shares of the technology company’s stock valued at $10,880,000 after buying an additional 70,990 shares during the last quarter. Brown Advisory Inc. grew its position in shares of Iridium Communications by 2.5% during the 3rd quarter. Brown Advisory Inc. now owns 404,713 shares of the technology company’s stock worth $4,168,000 after purchasing an additional 9,720 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Iridium Communications by 8.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 584,531 shares of the technology company’s stock worth $6,021,000 after purchasing an additional 44,141 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Iridium Communications by 23.8% during the 3rd quarter. Wells Fargo & Company MN now owns 271,423 shares of the technology company’s stock worth $2,796,000 after purchasing an additional 52,238 shares in the last quarter.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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