Iridium Communications (NASDAQ:IRDM) Stock Price Expected to Rise, Oppenheimer Analyst Says

Iridium Communications (NASDAQ:IRDM) had its price objective upped by investment analysts at Oppenheimer from $48.00 to $60.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price target would suggest a potential upside of 13.77% from the company’s current price.

Several other analysts also recently issued reports on IRDM. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research note on Friday, April 24th. New Street Research assumed coverage on Iridium Communications in a research report on Thursday, May 14th. They set a “neutral” rating and a $40.00 price objective on the stock. Barclays lifted their target price on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Weiss Ratings raised shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 10th. Finally, BWS Financial restated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Monday, April 27th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $34.00.

Iridium Communications Stock Performance

IRDM traded up $3.14 on Wednesday, reaching $52.74. The company had a trading volume of 680,858 shares, compared to its average volume of 2,316,207. The stock has a market cap of $5.58 billion, a P/E ratio of 53.27, a P/E/G ratio of 3.26 and a beta of 0.89. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85. Iridium Communications has a fifty-two week low of $15.65 and a fifty-two week high of $53.83. The company’s fifty day moving average is $38.70 and its 200 day moving average is $26.51.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company had revenue of $219.06 million for the quarter, compared to analyst estimates of $218.39 million. During the same quarter last year, the business earned $0.27 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. As a group, analysts predict that Iridium Communications will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Timothy Kapalka sold 3,790 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total transaction of $117,490.00. Following the sale, the chief accounting officer owned 47,764 shares in the company, valued at approximately $1,480,684. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of Iridium Communications

Hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its holdings in Iridium Communications by 107.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares during the period. Hantz Financial Services Inc. lifted its holdings in Iridium Communications by 184.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after buying an additional 977 shares during the period. Larson Financial Group LLC lifted its holdings in Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after buying an additional 1,202 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Iridium Communications in the 4th quarter valued at about $27,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Iridium Communications in the 3rd quarter valued at about $32,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.