Iridium Communications (NASDAQ:IRDM) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Iridium Communications (NASDAQ:IRDM – Get Rating) in a research report report published on Thursday morning. The brokerage issued a hold rating on the technology company’s stock.

Several other research firms have also commented on IRDM. BWS Financial raised their price objective on Iridium Communications from $60.00 to $75.00 and gave the company a buy rating in a research report on Monday, January 9th. Raymond James raised their price objective on Iridium Communications from $60.00 to $71.00 and gave the company a strong-buy rating in a research report on Friday, February 17th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $63.75.

Iridium Communications Trading Down 2.8 %

Shares of IRDM traded down $1.73 during trading hours on Thursday, hitting $59.26. The stock had a trading volume of 2,153,817 shares, compared to its average volume of 754,541. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.88 and a current ratio of 2.16. The firm has a market cap of $7.46 billion, a P/E ratio of 846.69 and a beta of 1.11. The company’s fifty day simple moving average is $60.22 and its 200 day simple moving average is $52.95. Iridium Communications has a 12-month low of $32.88 and a 12-month high of $65.41.

Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share for the quarter. The firm had revenue of $193.80 million during the quarter, compared to analysts’ expectations of $172.52 million. Iridium Communications had a return on equity of 0.75% and a net margin of 1.21%. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period last year, the business posted ($0.04) earnings per share. Equities research analysts forecast that Iridium Communications will post 0.09 EPS for the current fiscal year.

Insider Transactions at Iridium Communications

In other news, CEO Matthew J. Desch sold 21,769 shares of Iridium Communications stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $54.24, for a total transaction of $1,180,750.56. Following the sale, the chief executive officer now directly owns 636,781 shares of the company’s stock, valued at $34,539,001.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Matthew J. Desch sold 21,769 shares of Iridium Communications stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $54.24, for a total transaction of $1,180,750.56. Following the sale, the chief executive officer now directly owns 636,781 shares of the company’s stock, valued at $34,539,001.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas C. Canfield sold 10,036 shares of Iridium Communications stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $61.03, for a total value of $612,497.08. Following the sale, the director now directly owns 190,587 shares in the company, valued at $11,631,524.61. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 287,789 shares of company stock valued at $17,339,473. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds have recently bought and sold shares of IRDM. Belpointe Asset Management LLC acquired a new position in Iridium Communications in the fourth quarter worth about $28,000. Dark Forest Capital Management LP acquired a new position in Iridium Communications in the fourth quarter worth about $29,000. Grey Fox Wealth Advisors LLC acquired a new position in Iridium Communications in the fourth quarter worth about $30,000. ICA Group Wealth Management LLC acquired a new position in Iridium Communications in the fourth quarter worth about $36,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Iridium Communications in the second quarter worth about $38,000. 83.82% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.