Iridium Communications (NASDAQ:IRDM) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday, BidAskClub reports.
A number of other equities analysts also recently issued reports on IRDM. Raymond James lifted their price target on Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research note on Monday, June 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $29.75.
IRDM stock opened at $24.70 on Friday. The company has a market capitalization of $3.27 billion, a P/E ratio of -19.15 and a beta of 1.43. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.88 and a current ratio of 2.25. Iridium Communications has a 52-week low of $16.87 and a 52-week high of $32.08. The business has a 50-day simple moving average of $28.13 and a two-hundred day simple moving average of $25.07.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.05. The business had revenue of $140.17 million during the quarter, compared to the consensus estimate of $136.76 million. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) EPS. As a group, sell-side analysts forecast that Iridium Communications will post -0.41 earnings per share for the current fiscal year.
In related news, CFO Thomas Fitzpatrick sold 33,857 shares of Iridium Communications stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $29.82, for a total value of $1,009,615.74. Following the sale, the chief financial officer now owns 290,258 shares of the company’s stock, valued at approximately $8,655,493.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Kapalka sold 1,153 shares of Iridium Communications stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $29.90, for a total transaction of $34,474.70. Following the completion of the sale, the vice president now directly owns 24,208 shares in the company, valued at approximately $723,819.20. The disclosure for this sale can be found here. Insiders sold a total of 462,676 shares of company stock worth $13,123,118 in the last ninety days. 3.80% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its holdings in Iridium Communications by 64.7% during the 1st quarter. Russell Investments Group Ltd. now owns 70,845 shares of the technology company’s stock valued at $1,581,000 after acquiring an additional 27,830 shares during the period. First Trust Advisors LP bought a new stake in Iridium Communications during the 1st quarter valued at $1,482,000. Oppenheimer Asset Management Inc. raised its holdings in Iridium Communications by 80.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,645 shares of the technology company’s stock valued at $104,000 after acquiring an additional 2,072 shares during the period. Mackay Shields LLC bought a new stake in Iridium Communications during the 1st quarter valued at $201,000. Finally, Swiss National Bank raised its holdings in Iridium Communications by 1.5% during the 1st quarter. Swiss National Bank now owns 228,800 shares of the technology company’s stock valued at $5,109,000 after acquiring an additional 3,400 shares during the period. 83.23% of the stock is currently owned by institutional investors.
Iridium Communications Company Profile
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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