Iridium Communications Inc. (IRDM) Trading Down 2.9%
Iridium Communications Inc. (NASDAQ:IRDM)’s share price fell 2.9% on Friday . The stock traded as low as $8.33 and last traded at $8.35, with a volume of 277,324 shares trading hands. The stock had previously closed at $8.60.
Several brokerages have recently weighed in on IRDM. Zacks Investment Research lowered shares of Iridium Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th. TheStreet raised shares of Iridium Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, May 25th.
The company has a 50-day moving average price of $8.84 and a 200-day moving average price of $8.14. The firm’s market cap is $804.22 million.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by $0.03. During the same period in the prior year, the firm posted $0.21 earnings per share. The company had revenue of $109.20 million for the quarter, compared to analyst estimates of $107.34 million. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that Iridium Communications Inc. will post $0.86 EPS for the current year.
An institutional investor recently raised its position in Iridium Communications stock. Rhumbline Advisers boosted its position in Iridium Communications Inc. (NASDAQ:IRDM) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 121,921 shares of the company’s stock after buying an additional 4,395 shares during the period. Rhumbline Advisers owned about 0.13% of Iridium Communications worth $1,025,000 at the end of the most recent quarter.
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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