Iridium Communications Inc (NASDAQ:IRDM) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, June 13th.
Several other equities research analysts have also commented on IRDM. TheStreet lowered shares of Iridium Communications from a “b-” rating to a “c+” rating in a research note on Thursday, February 23rd. Zacks Investment Research lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $12.00.
Iridium Communications (NASDAQ:IRDM) traded down 4.02% on Tuesday, hitting $10.75. 1,552,058 shares of the stock traded hands. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 11.22 and a beta of 1.73. The firm’s 50 day moving average is $10.48 and its 200 day moving average is $9.93. Iridium Communications has a 52 week low of $6.80 and a 52 week high of $11.57.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, April 27th. The technology company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.21 by $0.09. Iridium Communications had a net margin of 27.76% and a return on equity of 9.04%. The company had revenue of $104.40 million for the quarter, compared to analyst estimates of $105.25 million. During the same quarter last year, the business earned $0.23 earnings per share. Iridium Communications’s revenue was up .2% compared to the same quarter last year. Equities analysts anticipate that Iridium Communications will post $0.87 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock worth $122,024,000 after buying an additional 12,626,087 shares in the last quarter. Gamco Investors INC. ET AL raised its position in Iridium Communications by 837.8% in the first quarter. Gamco Investors INC. ET AL now owns 662,951 shares of the technology company’s stock worth $6,397,000 after buying an additional 592,258 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Iridium Communications by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock worth $26,190,000 after buying an additional 498,165 shares in the last quarter. Vanguard Group Inc. raised its position in Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock worth $96,501,000 after buying an additional 457,168 shares in the last quarter. Finally, James Investment Research Inc. bought a new position in Iridium Communications during the first quarter worth approximately $2,859,000. Institutional investors and hedge funds own 97.37% of the company’s stock.
About Iridium Communications
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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