Iridium Communications (NASDAQ:IRDM) Price Target Raised to $44.00

Iridium Communications (NASDAQ:IRDM) had its price target upped by analysts at Barclays from $42.00 to $44.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s price target points to a potential upside of 39.73% from the stock’s current price.

Several other research analysts have also weighed in on IRDM. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Raymond James lowered their price objective on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. BWS Financial reissued a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday. Finally, William Blair downgraded Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Three 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’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Trading Up 6.1 %

NASDAQ:IRDM traded up $1.80 during trading hours on Friday, hitting $31.49. 438,616 shares of the company were exchanged, compared to its average volume of 1,134,737. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 148.38 and a beta of 0.85. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86. Iridium Communications has a one year low of $24.14 and a one year high of $65.69. The company has a fifty day simple moving average of $27.29 and a 200 day simple moving average of $34.53.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same period last year, the company posted $0.08 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts expect that Iridium Communications will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Iridium Communications

Hedge funds have recently added to or reduced their stakes in the stock. Northwest Financial Advisors acquired a new position in Iridium Communications during the 4th quarter valued at about $26,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Iridium Communications in the 4th quarter worth approximately $41,000. Covestor Ltd boosted its stake in shares of Iridium Communications by 83.2% in the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company’s stock worth $46,000 after buying an additional 457 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Iridium Communications in the 4th quarter worth approximately $60,000. Finally, Quarry LP boosted its stake in shares of Iridium Communications by 691.4% in the 4th quarter. Quarry LP now owns 1,939 shares of the technology company’s stock worth $80,000 after buying an additional 1,694 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

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.