Iridium Communications Inc (NASDAQ:IRDM) Given Average Rating of “Hold” by Analysts

Iridium Communications Inc (NASDAQ:IRDM) has received a consensus rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $23.33.

A number of analysts recently commented on the company. Raymond James reaffirmed an “outperform” rating and set a C$44.00 price objective on shares of Teck Resources in a research note on Wednesday, April 24th. Northland Securities reaffirmed a “sell” rating and set a $14.00 price objective on shares of Iridium Communications in a research note on Wednesday, March 20th. Finally, BidaskClub lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday.

In related news, Director Parker William Rush acquired 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $22.70 per share, with a total value of $90,800.00. Following the completion of the purchase, the director now directly owns 201,248 shares in the company, valued at $4,568,329.60. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Thomas Fitzpatrick sold 244,778 shares of the stock in a transaction on Friday, April 26th. The shares were sold at an average price of $27.07, for a total value of $6,626,140.46. Following the sale, the chief financial officer now directly owns 574,128 shares in the company, valued at approximately $15,541,644.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 431,289 shares of company stock worth $11,683,679. Corporate insiders own 5.00% of the company’s stock.



Several institutional investors and hedge funds have recently bought and sold shares of IRDM. FMR LLC boosted its stake in shares of Iridium Communications by 200.2% during the fourth quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock valued at $67,779,000 after acquiring an additional 2,450,078 shares during the last quarter. Norges Bank acquired a new stake in Iridium Communications in the 4th quarter worth about $12,249,000. Dimensional Fund Advisors LP boosted its stake in Iridium Communications by 9.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock worth $107,919,000 after buying an additional 517,624 shares during the last quarter. Dudley & Shanley Inc. boosted its stake in Iridium Communications by 118.2% in the 2nd quarter. Dudley & Shanley Inc. now owns 869,850 shares of the technology company’s stock worth $20,233,000 after buying an additional 471,250 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Iridium Communications by 0.9% in the 4th quarter. BlackRock Inc. now owns 14,161,310 shares of the technology company’s stock worth $261,277,000 after buying an additional 131,700 shares during the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.

Shares of IRDM stock traded up $0.14 during mid-day trading on Friday, reaching $24.56. The stock had a trading volume of 11,330 shares, compared to its average volume of 774,513. Iridium Communications has a 12-month low of $16.64 and a 12-month high of $28.24. The firm has a market capitalization of $2.77 billion, a P/E ratio of -174.89 and a beta of 2.12. The firm’s 50-day moving average is $22.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.96 and a current ratio of 1.05.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The business had revenue of $133.70 million during the quarter, compared to analysts’ expectations of $128.54 million. During the same quarter last year, the business posted ($0.07) earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities analysts forecast that Iridium Communications will post -0.75 EPS for the current fiscal year.

Iridium Communications Company Profile

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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