Iridium Communications (NASDAQ:IRDM – Get Free Report)‘s stock had its “neutral” rating reaffirmed by BWS Financial in a note issued to investors on Wednesday, Benzinga reports. They currently have a $30.00 target price on the technology company’s stock. BWS Financial’s target price would indicate a potential upside of 13.21% from the stock’s previous close.
Separately, Barclays increased their target price on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Iridium Communications has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.
View Our Latest Report on IRDM
Iridium Communications Stock Performance
Iridium Communications (NASDAQ:IRDM – Get Free Report) last released its earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.24) EPS. On average, research analysts forecast that Iridium Communications will post 0.74 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. Northwest Financial Advisors purchased a new position in Iridium Communications during the fourth quarter worth $26,000. Acadian Asset Management LLC bought a new stake in shares of Iridium Communications in the first quarter valued at about $29,000. Mather Group LLC. bought a new stake in shares of Iridium Communications in the second quarter valued at about $32,000. Blue Trust Inc. raised its holdings in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock valued at $39,000 after acquiring an additional 780 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Iridium Communications in the fourth quarter valued at about $41,000. 84.36% of the stock is owned by hedge funds and other institutional investors.
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.
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