Several other equities analysts have also recently commented on the company. Raymond James increased their target price on Iridium Communications from $28.00 to $31.00 and gave the company an outperform rating in a research note on Wednesday, July 29th. Zacks Investment Research cut Iridium Communications from a buy rating to a hold rating and set a $27.00 target price for the company. in a research note on Monday, June 15th. Finally, Barclays reduced their target price on Iridium Communications from $30.00 to $29.00 and set an overweight rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $30.40.
NASDAQ IRDM opened at $28.21 on Monday. The stock has a market cap of $3.80 billion, a PE ratio of -21.87 and a beta of 1.43. Iridium Communications has a fifty-two week low of $16.87 and a fifty-two week high of $32.08. The business has a 50 day moving average price of $27.33 and a two-hundred day moving average price of $25.22. The company has a quick ratio of 1.88, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.05. The firm had revenue of $140.17 million during the quarter, compared to analysts’ expectations of $136.76 million. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. Iridium Communications’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. Sell-side analysts anticipate that Iridium Communications will post -0.41 EPS for the current fiscal year.
In related news, EVP Bryan J. Hartin sold 58,500 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $28.03, for a total transaction of $1,639,755.00. Following the sale, the executive vice president now directly owns 137,582 shares of the company’s stock, valued at approximately $3,856,423.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Timothy Kapalka sold 9,375 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $26.39, for a total value of $247,406.25. Following the sale, the vice president now directly owns 34,736 shares in the company, valued at $916,683.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 493,926 shares of company stock worth $13,924,774. Corporate insiders own 3.80% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC acquired a new stake in shares of Iridium Communications during the 2nd quarter valued at approximately $44,000. Jaffetilchin Investment Partners LLC acquired a new stake in Iridium Communications in the second quarter worth $70,000. Mutual of America Capital Management LLC increased its position in Iridium Communications by 22.7% in the first quarter. Mutual of America Capital Management LLC now owns 4,195 shares of the technology company’s stock worth $94,000 after buying an additional 776 shares during the period. Oppenheimer Asset Management Inc. increased its position in Iridium Communications by 80.5% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,645 shares of the technology company’s stock worth $104,000 after buying an additional 2,072 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Iridium Communications by 16.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,388 shares of the technology company’s stock worth $120,000 after buying an additional 766 shares during the period. 81.77% of the stock is currently 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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