BidaskClub Lowers Iridium Communications (IRDM) to Hold

BidaskClub cut shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a hold rating in a research note issued to investors on Saturday.

A number of other research firms also recently commented on IRDM. TheStreet upgraded Iridium Communications from a c+ rating to a b rating in a report on Friday, October 27th. Wells Fargo & Company increased their price objective on Iridium Communications from $9.75 to $12.00 and gave the stock a market perform rating in a report on Friday, October 27th. ValuEngine upgraded Iridium Communications from a buy rating to a strong-buy rating in a report on Friday, September 1st. Zacks Investment Research downgraded Iridium Communications from a hold rating to a sell rating in a report on Saturday, October 28th. Finally, Drexel Hamilton restated a buy rating and issued a $14.00 price objective on shares of Iridium Communications in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $12.33.

Iridium Communications (NASDAQ:IRDM) opened at $11.50 on Friday. The firm has a market capitalization of $1,099.72, a PE ratio of 12.20, a PEG ratio of 2.70 and a beta of 1.75. Iridium Communications has a twelve month low of $7.80 and a twelve month high of $12.90. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. The firm had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. sell-side analysts forecast that Iridium Communications will post 0.83 earnings per share for the current fiscal year.

In other news, Director A B. Krongard acquired 45,750 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The shares were purchased at an average price of $10.89 per share, for a total transaction of $498,217.50. Following the completion of the acquisition, the director now owns 149,788 shares of the company’s stock, valued at approximately $1,631,191.32. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Royce & Associates LP boosted its position in Iridium Communications by 26.9% during the third quarter. Royce & Associates LP now owns 909,913 shares of the technology company’s stock worth $9,372,000 after purchasing an additional 193,000 shares during the period. Elk Creek Partners LLC boosted its position in Iridium Communications by 7.2% during the third quarter. Elk Creek Partners LLC now owns 1,056,308 shares of the technology company’s stock worth $10,880,000 after purchasing an additional 70,990 shares during the period. Brown Advisory Inc. boosted its position in Iridium Communications by 2.5% during the third quarter. Brown Advisory Inc. now owns 404,713 shares of the technology company’s stock worth $4,168,000 after purchasing an additional 9,720 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Iridium Communications by 8.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 584,531 shares of the technology company’s stock worth $6,021,000 after purchasing an additional 44,141 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Iridium Communications by 23.8% during the third quarter. Wells Fargo & Company MN now owns 271,423 shares of the technology company’s stock worth $2,796,000 after purchasing an additional 52,238 shares during the period.

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Iridium Communications Company Profile

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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