Iridium Communications Inc. (IRDM) Shares Down 6.2%
Iridium Communications Inc. (NASDAQ:IRDM) was down 6.2% on Thursday . The stock traded as low as $7.75 and last traded at $7.81, with a volume of 1,867,437 shares traded. The stock had previously closed at $8.33.
Several equities research analysts have weighed in on IRDM shares. TheStreet upgraded Iridium Communications from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th. Zacks Investment Research cut Iridium Communications from a “hold” rating to a “sell” rating in a report on Wednesday, June 29th.
The firm has a 50 day moving average of $8.73 and a 200-day moving average of $8.19. The firm’s market capitalization is $727.72 million.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, July 28th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by $0.03. The company earned $109.20 million during the quarter, compared to the consensus estimate of $107.34 million. During the same quarter in the prior year, the company earned $0.21 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts forecast that Iridium Communications Inc. will post $0.86 earnings per share for the current year.
Iridium Communications Inc is a satellite communications company that offers mobile voice and data communications services. The Company utilizes mesh architecture to route traffic across its satellite constellation using radio frequency crosslinks between satellites. Its lines of business include land mobile, machine to machine, maritime, aviation and government.
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