Iridium Communications Inc (IRDM) Receives Average Recommendation of “Buy” from Analysts

Iridium Communications Inc (NASDAQ:IRDM) has been assigned a consensus recommendation of “Buy” from the nine research firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $24.00.

A number of brokerages have recently commented on IRDM. Northland Securities cut shares of Iridium Communications from a “market perform” rating to an “under perform” rating in a report on Monday, September 10th. Raymond James upped their target price on shares of Iridium Communications from $20.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, October 10th. BidaskClub raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 9th. Sidoti reaffirmed a “neutral” rating on shares of Iridium Communications in a report on Monday, August 27th. Finally, Zacks Investment Research cut shares of Iridium Communications from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 4th.

In related news, COO S. Scott Smith sold 3,500 shares of the stock in a transaction dated Monday, November 19th. The shares were sold at an average price of $21.51, for a total transaction of $75,285.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Desch sold 274,075 shares of the stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $21.53, for a total transaction of $5,900,834.75. Following the transaction, the chief executive officer now directly owns 1,200,754 shares of the company’s stock, valued at $25,852,233.62. The disclosure for this sale can be found here. Insiders have sold 312,575 shares of company stock valued at $6,685,500 over the last three months. 5.60% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of IRDM. Advisors Preferred LLC purchased a new position in Iridium Communications in the second quarter valued at about $127,000. Sawtooth Solutions LLC purchased a new position in Iridium Communications in the third quarter valued at about $219,000. Cambridge Investment Research Advisors Inc. purchased a new position in Iridium Communications in the third quarter valued at about $219,000. Independent Advisor Alliance purchased a new position in Iridium Communications in the second quarter valued at about $161,000. Finally, Wedbush Securities Inc. purchased a new position in Iridium Communications in the second quarter valued at about $169,000. 86.13% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:IRDM opened at $22.51 on Friday. Iridium Communications has a one year low of $10.75 and a one year high of $24.10. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.53 and a quick ratio of 1.46. The stock has a market capitalization of $2.45 billion, a PE ratio of 32.16 and a beta of 2.00.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, October 25th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). Iridium Communications had a net margin of 26.88% and a return on equity of 1.01%. The business had revenue of $136.76 million during the quarter, compared to analysts’ expectations of $128.32 million. As a group, sell-side analysts predict that Iridium Communications will post -0.2 EPS for the current year.

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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Analyst Recommendations for Iridium Communications (NASDAQ:IRDM)

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