Iridium Communications (IRDM) Downgraded by Zacks Investment Research to “Strong Sell”

Zacks Investment Research cut shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a strong sell rating in a research note released on Saturday morning.

According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “

A number of other equities research analysts also recently weighed in on IRDM. Northland Securities reaffirmed a hold rating and set a $14.75 price target on shares of Iridium Communications in a research note on Wednesday, August 1st. BidaskClub downgraded Iridium Communications from a strong-buy rating to a buy rating in a research note on Tuesday, October 9th. Raymond James increased their price objective on Iridium Communications from $20.00 to $23.00 and gave the company a buy rating in a report on Wednesday, October 10th. Finally, Sidoti reissued a neutral rating on shares of Iridium Communications in a report on Monday, August 27th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. Iridium Communications has an average rating of Buy and a consensus price target of $20.19.



Shares of IRDM traded down $1.70 during midday trading on Friday, reaching $18.51. 2,009,056 shares of the stock were exchanged, compared to its average volume of 1,233,192. Iridium Communications has a 12-month low of $9.95 and a 12-month high of $24.10. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09. The company has a market capitalization of $2.05 billion, a PE ratio of 462.75 and a beta of 1.84.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, October 25th. The technology company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.06). Iridium Communications had a return on equity of 1.01% and a net margin of 26.88%. The firm had revenue of $136.76 million for the quarter, compared to analysts’ expectations of $128.32 million. On average, equities research analysts expect that Iridium Communications will post -0.14 earnings per share for the current fiscal year.

In other news, EVP Bryan J. Hartin sold 29,655 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $19.23, for a total transaction of $570,265.65. Following the transaction, the executive vice president now owns 94,168 shares of the company’s stock, valued at approximately $1,810,850.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO S. Scott Smith sold 27,761 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $20.55, for a total value of $570,488.55. Following the transaction, the chief operating officer now directly owns 246,362 shares in the company, valued at approximately $5,062,739.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,871 shares of company stock worth $2,134,866. 5.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. increased its holdings in shares of Iridium Communications by 46,545.5% during the 2nd quarter. Sei Investments Co. now owns 71,834 shares of the technology company’s stock valued at $1,156,000 after acquiring an additional 71,680 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Iridium Communications in the 2nd quarter valued at approximately $2,617,000. Rockefeller Capital Management L.P. grew its holdings in Iridium Communications by 90.0% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 24,228 shares of the technology company’s stock valued at $390,000 after buying an additional 11,478 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Iridium Communications by 4.4% in the 2nd quarter. Wells Fargo & Company MN now owns 875,085 shares of the technology company’s stock valued at $14,090,000 after buying an additional 36,740 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Iridium Communications by 9.6% in the 2nd quarter. First Trust Advisors LP now owns 215,680 shares of the technology company’s stock valued at $3,472,000 after buying an additional 18,872 shares during the last quarter. 86.42% 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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