Brookwood Investment Group LLC Makes New Investment in Iridium Communications Inc $IRDM

Brookwood Investment Group LLC bought a new position in Iridium Communications Inc (NASDAQ:IRDM) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 38,614 shares of the technology company’s stock, valued at approximately $1,165,000.

A number of other institutional investors and hedge funds have also bought and sold shares of IRDM. SVB Wealth LLC acquired a new position in Iridium Communications in the 1st quarter worth about $30,000. Cooksen Wealth LLC acquired a new position in Iridium Communications in the 1st quarter worth about $47,000. SBI Securities Co. Ltd. increased its stake in shares of Iridium Communications by 37.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after buying an additional 476 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Iridium Communications in the first quarter valued at about $72,000. Finally, Carolina Wealth Advisors LLC acquired a new stake in shares of Iridium Communications in the second quarter valued at about $76,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings cut Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday. BWS Financial reissued a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Friday. Raymond James Financial cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $39.00 to $26.00 in a research note on Thursday, September 11th. Morgan Stanley decreased their price target on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, August 1st. Finally, Barclays decreased their price target on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Six research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.67.

Iridium Communications Trading Down 0.3%

NASDAQ IRDM opened at $18.14 on Monday. The business has a 50 day simple moving average of $20.39 and a 200 day simple moving average of $24.60. Iridium Communications Inc has a one year low of $17.08 and a one year high of $34.45. The stock has a market capitalization of $1.90 billion, a P/E ratio of 16.05, a P/E/G ratio of 0.65 and a beta of 0.70. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The business had revenue of $226.94 million during the quarter, compared to analysts’ expectations of $222.13 million. During the same quarter last year, the firm posted $0.21 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. Research analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current year.

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.