BidaskClub Lowers Iridium Communications (NASDAQ:IRDM) to Hold

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Iridium Communications (NASDAQ:IRDM) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, September 18th, BidAskClub reports.

Separately, Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Saturday, July 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.92.

Shares of NASDAQ IRDM traded up $0.49 on Wednesday, hitting $22.90. The company’s stock had a trading volume of 902,457 shares, compared to its average volume of 1,231,371. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.13 and a quick ratio of 1.00. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of -163.57 and a beta of 2.07. The stock has a 50 day moving average of $23.10 and a 200-day moving average of $24.24. Iridium Communications has a 12-month low of $16.64 and a 12-month high of $28.24.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The business had revenue of $143.10 million for the quarter, compared to the consensus estimate of $132.92 million. Iridium Communications had a negative net margin of 10.37% and a negative return on equity of 3.56%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 earnings per share. Sell-side analysts expect that Iridium Communications will post -0.59 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue boosted its stake in Iridium Communications by 128.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 74,656 shares of the technology company’s stock valued at $1,588,000 after acquiring an additional 41,940 shares during the last quarter. BlackRock Inc. lifted its position in shares of Iridium Communications by 0.8% in the 2nd quarter. BlackRock Inc. now owns 14,393,878 shares of the technology company’s stock worth $334,803,000 after buying an additional 111,879 shares during the last quarter. Empire Life Investments Inc. lifted its position in shares of Iridium Communications by 471.1% in the 2nd quarter. Empire Life Investments Inc. now owns 77,211 shares of the technology company’s stock worth $1,795,000 after buying an additional 63,691 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Iridium Communications by 93.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 16,573 shares of the technology company’s stock worth $387,000 after buying an additional 8,023 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its position in shares of Iridium Communications by 1,587.3% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 106,300 shares of the technology company’s stock worth $2,473,000 after buying an additional 100,000 shares during the last quarter. 76.33% of the stock is owned by institutional investors and hedge funds.

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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