Iridium Communications (NASDAQ:IRDM) Lifted to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a strong-buy rating in a report released on Thursday, BidAskClub reports.

Several other equities research analysts have also issued reports on IRDM. Barclays dropped their target price on shares of Iridium Communications from $30.00 to $29.00 and set an overweight rating for the company in a research report on Wednesday, April 29th. Raymond James lifted their target price on shares of Iridium Communications from $28.00 to $31.00 and gave the company an outperform rating in a research report on Wednesday. Finally, Zacks Investment Research lowered shares of Iridium Communications from a buy rating to a hold rating and set a $27.00 target price for the company. in a research report on Monday, June 15th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $30.40.

Shares of NASDAQ:IRDM opened at $27.39 on Thursday. The company has a 50 day moving average of $26.13 and a 200 day moving average of $24.99. The stock has a market cap of $3.62 billion, a P/E ratio of -21.23 and a beta of 1.41. Iridium Communications has a 12 month low of $16.87 and a 12 month high of $32.08. The company has a current ratio of 2.25, a quick ratio of 1.60 and a debt-to-equity ratio of 1.14.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.05. Iridium Communications had a negative net margin of 29.87% and a negative return on equity of 3.97%. The business had revenue of $140.17 million during the quarter, compared to analyst estimates of $136.76 million. During the same period in the previous year, the business posted ($0.16) earnings per share. Iridium Communications’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities analysts forecast that Iridium Communications will post -0.48 earnings per share for the current fiscal year.

In related news, VP Timothy Kapalka sold 9,375 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $26.39, for a total transaction of $247,406.25. Following the completion of the sale, the vice president now directly owns 34,736 shares in the company, valued at approximately $916,683.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Desch sold 200,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $28.50, for a total transaction of $5,700,000.00. Following the sale, the chief executive officer now owns 1,061,846 shares of the company’s stock, valued at $30,262,611. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 334,375 shares of company stock valued at $9,388,906. Company insiders own 3.80% of the company’s stock.

A number of large investors have recently bought and sold shares of IRDM. JPMorgan Chase & Co. increased its position in Iridium Communications by 307.7% during the 1st quarter. JPMorgan Chase & Co. now owns 223,926 shares of the technology company’s stock valued at $5,002,000 after purchasing an additional 169,004 shares during the period. Bank of New York Mellon Corp grew its position in shares of Iridium Communications by 0.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,069,622 shares of the technology company’s stock worth $23,884,000 after buying an additional 8,382 shares during the period. State of Alaska Department of Revenue grew its position in shares of Iridium Communications by 7.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 92,298 shares of the technology company’s stock worth $2,348,000 after buying an additional 6,180 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Iridium Communications by 5.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 81,303 shares of the technology company’s stock worth $1,816,000 after buying an additional 4,059 shares during the period. Finally, State of Tennessee Treasury Department grew its position in shares of Iridium Communications by 35.4% in the 1st quarter. State of Tennessee Treasury Department now owns 54,462 shares of the technology company’s stock worth $1,216,000 after buying an additional 14,251 shares during the period. Institutional investors own 81.77% of the company’s stock.

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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Analyst Recommendations for Iridium Communications (NASDAQ:IRDM)

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