Iridium Communications Inc. (IRDM) Stock Price Down 6.2%
Shares of Iridium Communications Inc. (NASDAQ:IRDM) fell 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 changing hands. The stock had previously closed at $8.33.
Several research firms have recently weighed in on IRDM. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. TheStreet raised Iridium Communications from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th.
The stock’s market capitalization is $743.02 million. The firm’s 50 day moving average is $8.78 and its 200-day moving average is $8.19.
Iridium Communications (NASDAQ:IRDM) last announced 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. The company earned $109.20 million during the quarter, compared to analysts’ expectations of $107.34 million. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 EPS. On average, analysts anticipate that Iridium Communications Inc. will post $0.86 earnings per share for the current fiscal 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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