Shares of Iridium Communications Inc (NASDAQ:IRDM) have received a consensus recommendation of “Buy” from the nine analysts that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $24.00.
Several research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Iridium Communications from a “hold” rating to a “strong sell” rating in a report on Saturday, October 27th. BidaskClub cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 18th. Raymond James raised their target price on shares of Iridium Communications from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, October 10th. Finally, Barclays assumed coverage on shares of Iridium Communications in a report on Tuesday, October 30th. They set an “overweight” rating and a $26.00 target price for the company.
In other Iridium Communications news, CEO Matthew J. Desch sold 274,075 shares of Iridium Communications stock in a transaction on Monday, November 19th. The shares were sold at an average price of $21.53, for a total value of $5,900,834.75. Following the completion of the transaction, the chief executive officer now owns 1,200,754 shares of the company’s stock, valued at $25,852,233.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO S. Scott Smith sold 3,500 shares of Iridium Communications stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $19.74, for a total transaction of $69,090.00. Following the completion of the transaction, the chief operating officer now directly owns 221,034 shares of the company’s stock, valued at approximately $4,363,211.16. The disclosure for this sale can be found here. Insiders sold 319,575 shares of company stock valued at $6,812,830 in the last ninety days. 5.60% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its holdings in Iridium Communications by 3.9% in the fourth quarter. State of Alaska Department of Revenue now owns 32,412 shares of the technology company’s stock valued at $598,000 after buying an additional 1,213 shares in the last quarter. Morgan Stanley increased its holdings in Iridium Communications by 36.1% in the third quarter. Morgan Stanley now owns 1,056,231 shares of the technology company’s stock valued at $23,765,000 after buying an additional 279,982 shares in the last quarter. Legal & General Group Plc increased its holdings in Iridium Communications by 33.2% in the third quarter. Legal & General Group Plc now owns 223,381 shares of the technology company’s stock valued at $4,974,000 after buying an additional 55,727 shares in the last quarter. Teachers Advisors LLC increased its holdings in Iridium Communications by 25.8% in the third quarter. Teachers Advisors LLC now owns 369,430 shares of the technology company’s stock valued at $8,312,000 after buying an additional 75,753 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Iridium Communications by 281.7% in the third quarter. AQR Capital Management LLC now owns 71,004 shares of the technology company’s stock valued at $1,598,000 after buying an additional 52,402 shares in the last quarter. 86.02% of the stock is owned by institutional investors.
NASDAQ IRDM opened at $21.16 on Friday. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 30.23 and a beta of 2.15. Iridium Communications has a 12-month low of $10.75 and a 12-month high of $24.35. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.53 and a quick ratio of 1.46.
Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Thursday, October 25th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.06). Iridium Communications had a return on equity of 1.01% and a net margin of 26.88%. The business had revenue of $136.76 million for the quarter, compared to analysts’ expectations of $128.32 million. As a group, equities analysts anticipate that Iridium Communications will post -0.2 earnings per share for the current year.
Iridium Communications Company Profile
Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s current principal lines of business include Land Mobile, Maritime, Aviation, and Government.
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