Equities research analysts forecast that Iridium Communications Inc (NASDAQ:IRDM) will post ($0.18) earnings per share for the current quarter, Zacks reports. Four analysts have provided estimates for Iridium Communications’ earnings. The highest EPS estimate is ($0.13) and the lowest is ($0.25). Iridium Communications reported earnings per share of $0.02 in the same quarter last year, which would suggest a negative year over year growth rate of 1,000%. The firm is scheduled to issue its next earnings report on Tuesday, July 30th.
On average, analysts expect that Iridium Communications will report full year earnings of ($0.75) per share for the current fiscal year, with EPS estimates ranging from ($0.91) to ($0.58). For the next year, analysts forecast that the firm will report earnings of ($0.15) per share, with EPS estimates ranging from ($0.36) to $0.07. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.05. The firm had revenue of $133.70 million for the quarter, compared to the consensus estimate of $128.54 million. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) earnings per share.
Several research analysts have recently weighed in on IRDM shares. BidaskClub cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Saturday, March 2nd. Raymond James cut shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and upped their price target for the stock from $25.00 to $30.00 in a report on Wednesday, April 24th. Finally, Northland Securities reaffirmed a “sell” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $23.50.
In related news, insider Thomas D. Hickey sold 83,511 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $27.10, for a total value of $2,263,148.10. Following the transaction, the insider now owns 213,035 shares of the company’s stock, valued at $5,773,248.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Bryan J. Hartin sold 103,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $27.13, for a total value of $2,794,390.00. Following the completion of the transaction, the executive vice president now directly owns 192,562 shares in the company, valued at approximately $5,224,207.06. The disclosure for this sale can be found here. In the last three months, insiders sold 431,289 shares of company stock worth $11,683,679. 5.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Financial Designs Inc. ADV increased its stake in Iridium Communications by 18.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 2,780 shares of the technology company’s stock valued at $74,000 after acquiring an additional 430 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Iridium Communications by 1.5% during the first quarter. State of Alaska Department of Revenue now owns 32,912 shares of the technology company’s stock valued at $870,000 after buying an additional 500 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Iridium Communications by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 37,515 shares of the technology company’s stock valued at $992,000 after buying an additional 678 shares during the last quarter. Comerica Bank grew its stake in shares of Iridium Communications by 0.7% during the fourth quarter. Comerica Bank now owns 94,057 shares of the technology company’s stock valued at $1,754,000 after buying an additional 682 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. grew its stake in shares of Iridium Communications by 3.8% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 23,036 shares of the technology company’s stock valued at $425,000 after buying an additional 844 shares during the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:IRDM traded up $0.93 during trading on Friday, hitting $23.26. 1,527,224 shares of the company were exchanged, compared to its average volume of 943,133. The firm has a market cap of $2.63 billion, a P/E ratio of -166.14 and a beta of 2.18. Iridium Communications has a 52-week low of $15.90 and a 52-week high of $28.24. The firm’s 50 day moving average is $23.18. The company has a current ratio of 1.05, a quick ratio of 0.96 and a debt-to-equity ratio of 1.09.
Iridium Communications Company Profile
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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