Brokerages Set Iridium Communications Inc (NASDAQ:IRDM) Price Target at $26.20

Iridium Communications Inc (NASDAQ:IRDM) has been assigned an average recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $25.75.

A number of equities research analysts have issued reports on IRDM shares. BidaskClub cut Iridium Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, September 18th. BWS Financial set a $33.00 target price on Iridium Communications and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Finally, Zacks Investment Research cut Iridium Communications from a “buy” rating to a “hold” rating in a research report on Wednesday.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Iridium Communications by 0.8% during the second quarter. BlackRock Inc. now owns 14,393,878 shares of the technology company’s stock worth $334,803,000 after purchasing an additional 111,879 shares during the period. Empire Life Investments Inc. boosted its position in Iridium Communications by 471.1% during the second quarter. Empire Life Investments Inc. now owns 77,211 shares of the technology company’s stock worth $1,795,000 after purchasing an additional 63,691 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in Iridium Communications by 93.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 16,573 shares of the technology company’s stock worth $387,000 after purchasing an additional 8,023 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in shares of Iridium Communications by 1,587.3% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 106,300 shares of the technology company’s stock valued at $2,473,000 after acquiring an additional 100,000 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Iridium Communications by 88.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 20,076 shares of the technology company’s stock valued at $467,000 after acquiring an additional 9,413 shares during the period. 76.33% of the stock is owned by hedge funds and other institutional investors.



Shares of NASDAQ IRDM traded up $0.67 during trading hours on Friday, hitting $22.10. The stock had a trading volume of 1,362,577 shares, compared to its average volume of 916,160. The company has a market capitalization of $2.80 billion, a P/E ratio of -157.86 and a beta of 2.10. The firm’s 50-day moving average price is $23.56 and its two-hundred day moving average price is $24.52. Iridium Communications has a 52 week low of $16.64 and a 52 week high of $28.24. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.00 and a current ratio of 1.13.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, July 23rd. The technology company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The business had revenue of $143.10 million during the quarter, compared to analysts’ expectations of $132.92 million. Iridium Communications had a negative return on equity of 3.56% and a negative net margin of 10.37%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 EPS. As a group, analysts expect that Iridium Communications will post -0.59 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.

Featured Story: Fiduciary

Receive News & Ratings for Iridium Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iridium Communications and related companies with MarketBeat.com's FREE daily email newsletter.