Iridium Communications Inc (NASDAQ:IRDM) Expected to Announce Quarterly Sales of $140.54 Million

Equities analysts forecast that Iridium Communications Inc (NASDAQ:IRDM) will announce sales of $140.54 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Iridium Communications’ earnings, with the highest sales estimate coming in at $144.76 million and the lowest estimate coming in at $130.70 million. Iridium Communications reported sales of $136.76 million during the same quarter last year, which indicates a positive year-over-year growth rate of 2.8%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 24th.

According to Zacks, analysts expect that Iridium Communications will report full-year sales of $556.06 million for the current fiscal year, with estimates ranging from $541.80 million to $566.06 million. For the next financial year, analysts expect that the company will post sales of $594.80 million, with estimates ranging from $571.90 million to $611.21 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $143.10 million for the quarter, compared to the consensus estimate of $132.92 million. During the same period in the previous year, the business earned $0.06 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis.

Several brokerages recently weighed in on IRDM. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Saturday, July 27th. Raymond James cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and lifted their price target for the stock from $25.00 to $30.00 in a research report on Wednesday, April 24th. Finally, BidaskClub cut Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Iridium Communications presently has an average rating of “Hold” and an average target price of $24.50.

IRDM stock traded up $0.72 on Friday, hitting $22.33. 418,700 shares of the company’s stock were exchanged, compared to its average volume of 804,345. Iridium Communications has a 12-month low of $16.64 and a 12-month high of $28.24. The firm has a 50 day moving average price of $24.01 and a two-hundred day moving average price of $24.00. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.00 and a current ratio of 1.13. The stock has a market cap of $2.82 billion, a P/E ratio of -159.50 and a beta of 2.12.

In other news, Director Parker William Rush purchased 4,000 shares of the stock in a transaction on Friday, May 24th. The stock was bought at an average price of $22.70 per share, with a total value of $90,800.00. Following the transaction, the director now owns 201,248 shares in the company, valued at approximately $4,568,329.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of IRDM. FMR LLC lifted its position in Iridium Communications by 200.2% during the 4th quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock worth $67,779,000 after acquiring an additional 2,450,078 shares during the period. Bamco Inc. NY lifted its holdings in shares of Iridium Communications by 24.4% in the 2nd quarter. Bamco Inc. NY now owns 11,594,684 shares of the technology company’s stock valued at $269,692,000 after buying an additional 2,274,335 shares during the period. Invesco Ltd. lifted its holdings in shares of Iridium Communications by 77.1% in the 2nd quarter. Invesco Ltd. now owns 4,229,520 shares of the technology company’s stock valued at $98,379,000 after buying an additional 1,840,733 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Iridium Communications in the 2nd quarter valued at about $17,662,000. Finally, Norges Bank acquired a new position in shares of Iridium Communications in the 4th quarter valued at about $12,249,000. 73.32% of the stock is owned by 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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