Iridium Communications (NASDAQ:IRDM) Receives Neutral Rating from BWS Financial

Iridium Communications (NASDAQ:IRDM)‘s stock had its “neutral” rating restated by equities researchers at BWS Financial in a report released on Monday, Benzinga reports. They presently have a $30.00 price objective on the technology company’s stock. BWS Financial’s target price suggests a potential upside of 4.38% from the stock’s current price.

Several other brokerages have also recently commented on IRDM. Raymond James reduced their price target on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. William Blair cut Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Finally, Barclays cut their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Stock Performance

Shares of NASDAQ IRDM opened at $28.74 on Monday. The stock has a 50 day moving average price of $27.51 and a 200 day moving average price of $34.68. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $68.34. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33. The stock has a market capitalization of $3.49 billion, a PE ratio of 136.86 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. During the same period in the prior year, the firm posted $0.08 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. Analysts predict that Iridium Communications will post 0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System increased its stake in Iridium Communications by 2.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 35,600 shares of the technology company’s stock worth $931,000 after acquiring an additional 800 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Iridium Communications by 19.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,089,600 shares of the technology company’s stock valued at $54,664,000 after purchasing an additional 346,118 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Iridium Communications by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock valued at $797,000 after purchasing an additional 700 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Iridium Communications in the 1st quarter valued at $546,000. Finally, Counterpoint Mutual Funds LLC bought a new position in shares of Iridium Communications in the 1st quarter valued at $280,000. Institutional investors own 84.36% of the company’s stock.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.