Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) has earned a consensus recommendation of “Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $50.00.
Separately, StockNews.com upgraded Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, May 24th.
Shares of NASDAQ:IRDM opened at $38.14 on Friday. The company has a quick ratio of 3.38, a current ratio of 3.67 and a debt-to-equity ratio of 1.32. Iridium Communications has a 52-week low of $31.73 and a 52-week high of $48.95. The stock’s fifty day simple moving average is $36.38 and its 200-day simple moving average is $37.87. The company has a market capitalization of $4.88 billion, a P/E ratio of -3,814.00 and a beta of 1.11.
Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its quarterly earnings results on Tuesday, April 19th. The technology company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. Iridium Communications had a negative return on equity of 0.10% and a negative net margin of 0.21%. The company had revenue of $168.20 million during the quarter, compared to analyst estimates of $156.83 million. During the same period in the prior year, the firm posted ($0.04) earnings per share. The firm’s revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts anticipate that Iridium Communications will post 0.09 earnings per share for the current year.
Iridium Communications declared that its board has authorized a stock buyback plan on Monday, March 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently made changes to their positions in IRDM. Founders Capital Management increased its stake in Iridium Communications by 12.0% in the fourth quarter. Founders Capital Management now owns 2,800 shares of the technology company’s stock valued at $116,000 after purchasing an additional 300 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Iridium Communications by 0.9% during the 4th quarter. Louisiana State Employees Retirement System now owns 34,000 shares of the technology company’s stock valued at $1,404,000 after buying an additional 300 shares in the last quarter. Telemus Capital LLC increased its holdings in Iridium Communications by 5.3% during the 1st quarter. Telemus Capital LLC now owns 5,949 shares of the technology company’s stock worth $240,000 after acquiring an additional 302 during the period. CWM LLC increased its holdings in Iridium Communications by 95.0% during the 1st quarter. CWM LLC now owns 739 shares of the technology company’s stock worth $30,000 after acquiring an additional 360 during the period. Finally, State of Michigan Retirement System increased its holdings in shares of Iridium Communications by 1.2% in the 4th quarter. The State of Michigan Retirement System now owns 33,500 shares of the technology company’s stock worth $1,383,000 after buying an additional 400 shares during the last quarter. 97.98% of the stock is currently owned by institutional investors and hedge funds.
Iridium Communications Company Profile (Get Rating)
Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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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