A number of other brokerages have also issued reports on IRDM. ValuEngine lowered Iridium Communications from a strong-buy rating to a buy rating in a report on Monday, October 7th. Barclays set a $30.50 price objective on Iridium Communications and gave the stock a buy rating in a report on Wednesday, October 9th. BWS Financial set a $33.00 price objective on Iridium Communications and gave the stock a buy rating in a report on Tuesday, September 17th. Zacks Investment Research lowered Iridium Communications from a buy rating to a hold rating in a report on Wednesday, September 25th. Finally, Sidoti raised Iridium Communications from a neutral rating to a buy rating and set a $26.00 price objective for the company in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $26.92.
IRDM stock traded up $0.05 on Tuesday, reaching $24.07. The company’s stock had a trading volume of 9,212 shares, compared to its average volume of 955,919. Iridium Communications has a 52 week low of $16.64 and a 52 week high of $28.24. The company has a market capitalization of $3.14 billion, a P/E ratio of -172.43 and a beta of 2.07. The firm has a fifty day moving average of $23.14 and a two-hundred day moving average of $24.09. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.13 and a quick ratio of 1.00.
A number of hedge funds have recently modified their holdings of the stock. Executive Wealth Management LLC lifted its position in Iridium Communications by 378.7% in the second quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock worth $42,000 after purchasing an additional 1,420 shares during the period. Point72 Asset Management L.P. acquired a new stake in Iridium Communications in the second quarter worth approximately $43,000. Strs Ohio lifted its position in Iridium Communications by 42.9% in the second quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock worth $69,000 after purchasing an additional 900 shares during the period. Advisory Services Network LLC acquired a new stake in Iridium Communications in the second quarter worth approximately $103,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in Iridium Communications in the second quarter worth approximately $105,000. 76.42% of the stock is owned by institutional investors and hedge funds.
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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