Iridium Communications (IRDM) Upgraded at ValuEngine
ValuEngine upgraded shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a strong-buy rating in a research report report published on Thursday.
Other equities analysts have also issued research reports about the company. BidaskClub upgraded Iridium Communications from a hold rating to a buy rating in a research note on Saturday, May 26th. BWS Financial started coverage on Iridium Communications in a research report on Wednesday, May 9th. They set a buy rating and a $22.00 price target on the stock. TheStreet downgraded Iridium Communications from a b rating to a c+ rating in a research report on Tuesday, May 15th. Finally, Zacks Investment Research raised Iridium Communications from a sell rating to a hold rating in a research report on Saturday, May 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Iridium Communications presently has a consensus rating of Buy and an average price target of $15.25.
Shares of Iridium Communications opened at $15.95 on Thursday, MarketBeat Ratings reports. The firm has a market capitalization of $1.65 billion, a P/E ratio of 22.79, a PEG ratio of 28.03 and a beta of 1.80. The company has a quick ratio of 2.58, a current ratio of 2.68 and a debt-to-equity ratio of 1.23. Iridium Communications has a 1 year low of $9.68 and a 1 year high of $17.70.
Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, April 26th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.03. The company had revenue of $119.10 million during the quarter, compared to analyst estimates of $111.60 million. Iridium Communications had a return on equity of 5.19% and a net margin of 44.81%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS. analysts forecast that Iridium Communications will post 0.11 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Van Berkom & Associates Inc. grew its position in Iridium Communications by 14.5% during the 1st quarter. Van Berkom & Associates Inc. now owns 5,844,387 shares of the technology company’s stock worth $65,749,000 after purchasing an additional 740,323 shares during the period. Silver Heights Capital Management Inc grew its position in Iridium Communications by 1.9% during the 1st quarter. Silver Heights Capital Management Inc now owns 3,022,050 shares of the technology company’s stock worth $33,998,000 after purchasing an additional 55,600 shares during the period. Northern Trust Corp grew its position in Iridium Communications by 0.3% during the 1st quarter. Northern Trust Corp now owns 2,246,797 shares of the technology company’s stock worth $25,276,000 after purchasing an additional 7,803 shares during the period. Royce & Associates LP grew its position in Iridium Communications by 29.9% during the 4th quarter. Royce & Associates LP now owns 1,181,843 shares of the technology company’s stock worth $13,946,000 after purchasing an additional 271,930 shares during the period. Finally, Wells Fargo & Company MN grew its position in Iridium Communications by 143.8% during the 1st quarter. Wells Fargo & Company MN now owns 838,345 shares of the technology company’s stock worth $9,432,000 after purchasing an additional 494,515 shares during the period. 88.46% of the stock is currently owned by institutional investors.
About Iridium Communications
Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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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