Iridium Communications Inc (IRDM) Receives $17.00 Consensus PT from Brokerages

Iridium Communications Inc (NASDAQ:IRDM) has earned a consensus rating of “Buy” from the eight research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $17.00.

Several brokerages recently weighed in on IRDM. Northland Securities restated a “hold” rating and set a $14.75 target price on shares of Iridium Communications in a research note on Wednesday, August 1st. BidaskClub downgraded Iridium Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 26th. Sidoti restated a “neutral” rating on shares of Iridium Communications in a research note on Monday, August 27th. Finally, Zacks Investment Research downgraded Iridium Communications from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 4th.

Shares of IRDM stock opened at $20.77 on Friday. Iridium Communications has a 1-year low of $9.95 and a 1-year high of $24.10. The company has a current ratio of 2.18, a quick ratio of 2.09 and a debt-to-equity ratio of 1.20. The firm has a market cap of $2.49 billion, a P/E ratio of 29.67 and a beta of 1.84.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). Iridium Communications had a return on equity of 3.72% and a net margin of 36.66%. The firm had revenue of $134.93 million for the quarter, compared to the consensus estimate of $120.54 million. During the same period in the previous year, the business earned $0.20 EPS. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, equities research analysts forecast that Iridium Communications will post -0.14 earnings per share for the current fiscal year.

In other Iridium Communications news, insider Thomas D. Hickey sold 13,455 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $18.86, for a total transaction of $253,761.30. Following the sale, the insider now owns 125,820 shares in the company, valued at approximately $2,372,965.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO S. Scott Smith sold 27,761 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $20.55, for a total value of $570,488.55. Following the sale, the chief operating officer now owns 246,362 shares in the company, valued at approximately $5,062,739.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,371 shares of company stock worth $1,926,756. 5.60% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Advisors Preferred LLC purchased a new stake in Iridium Communications during the 2nd quarter valued at about $127,000. Independent Advisor Alliance purchased a new stake in Iridium Communications during the 2nd quarter valued at about $161,000. Wedbush Securities Inc. purchased a new stake in Iridium Communications during the 2nd quarter valued at about $169,000. Jane Street Group LLC purchased a new stake in Iridium Communications during the 2nd quarter valued at about $172,000. Finally, Trexquant Investment LP purchased a new stake in Iridium Communications during the 2nd quarter valued at about $214,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Iridium Communications

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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