Iridium Communications Inc (NASDAQ:IRDM) Expected to Announce Quarterly Sales of $138.72 Million

Equities research analysts expect Iridium Communications Inc (NASDAQ:IRDM) to announce $138.72 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Iridium Communications’ earnings, with the highest sales estimate coming in at $143.10 million and the lowest estimate coming in at $135.39 million. Iridium Communications reported sales of $132.17 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5%. The company is scheduled to announce its next earnings results on Thursday, February 27th.

According to Zacks, analysts expect that Iridium Communications will report full year sales of $555.66 million for the current financial year, with estimates ranging from $541.80 million to $564.67 million. For the next fiscal year, analysts anticipate that the business will report sales of $584.72 million, with estimates ranging from $571.90 million to $598.88 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, October 29th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Iridium Communications had a negative net margin of 11.15% and a negative return on equity of 3.91%. The business had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $142.05 million. During the same quarter in the previous year, the company earned ($0.13) earnings per share. The business’s quarterly revenue was up 5.8% on a year-over-year basis.

IRDM has been the subject of several analyst reports. Zacks Investment Research lowered shares of Iridium Communications from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Sidoti upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Wednesday, October 9th. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Barclays restated a “buy” rating and set a $32.00 price target on shares of Iridium Communications in a research report on Thursday, October 31st. Finally, ValuEngine lowered shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $27.17.

In other news, VP Timothy Kapalka sold 25,000 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $25.80, for a total transaction of $645,000.00. Following the completion of the sale, the vice president now directly owns 47,138 shares in the company, valued at $1,216,160.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Bryan J. Hartin sold 112,816 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $25.37, for a total transaction of $2,862,141.92. Following the sale, the executive vice president now owns 146,733 shares of the company’s stock, valued at $3,722,616.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,677 shares of company stock valued at $3,724,059. 5.00% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Executive Wealth Management LLC boosted its holdings in shares of Iridium Communications by 378.7% during the second quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock worth $42,000 after purchasing an additional 1,420 shares during the period. Point72 Asset Management L.P. bought a new position in Iridium Communications in the second quarter worth about $43,000. Oppenheimer Asset Management Inc. bought a new position in Iridium Communications in the third quarter worth about $55,000. Strs Ohio raised its stake in Iridium Communications by 42.9% in the second quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock worth $69,000 after buying an additional 900 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Iridium Communications in the second quarter worth about $103,000. Institutional investors own 76.52% of the company’s stock.

NASDAQ IRDM opened at $24.68 on Friday. The company has a 50-day simple moving average of $23.12 and a two-hundred day simple moving average of $23.88. The company has a quick ratio of 0.79, a current ratio of 0.91 and a debt-to-equity ratio of 1.05. Iridium Communications has a 12-month low of $16.64 and a 12-month high of $28.24. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -176.29 and a beta of 2.08.

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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