Iridium Communications (IRDM) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a buy rating in a research report report published on Friday.

Several other research firms also recently weighed in on IRDM. TheStreet raised shares of Iridium Communications from a c+ rating to a b rating in a research note on Friday, October 27th. Wells Fargo & Co lifted their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the company a market perform rating in a research note on Friday, October 27th. ValuEngine raised shares of Iridium Communications from a buy rating to a strong-buy rating in a research note on Friday, September 1st. Zacks Investment Research downgraded shares of Iridium Communications from a hold rating to a sell rating in a research note on Saturday, October 28th. Finally, Drexel Hamilton reaffirmed a buy rating and issued a $14.00 price target on shares of Iridium Communications in a research note on Thursday, August 31st. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Iridium Communications currently has an average rating of Buy and a consensus target price of $13.00.

Iridium Communications (NASDAQ IRDM) opened at $11.80 on Friday. The stock has a market cap of $1,170.00, a price-to-earnings ratio of 14.94, a P/E/G ratio of 2.83 and a beta of 1.74. 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 has a fifty-two week low of $7.80 and a fifty-two week high of $12.90.

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

In related news, Director A B. Krongard purchased 45,750 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average cost of $10.89 per share, with a total value of $498,217.50. Following the completion of the purchase, the director now owns 149,788 shares in the company, valued at approximately $1,631,191.32. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 6.40% of the company’s stock.

Several large investors have recently bought and sold shares of IRDM. Schwab Charles Investment Management Inc. increased its position in shares of Iridium Communications by 3.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 540,390 shares of the technology company’s stock worth $5,972,000 after acquiring an additional 15,715 shares in the last quarter. Arizona State Retirement System increased its position in shares of Iridium Communications by 1.7% during the second quarter. Arizona State Retirement System now owns 42,634 shares of the technology company’s stock worth $471,000 after acquiring an additional 700 shares in the last quarter. First Trust Advisors LP increased its position in shares of Iridium Communications by 10.7% during the second quarter. First Trust Advisors LP now owns 215,175 shares of the technology company’s stock worth $2,378,000 after acquiring an additional 20,794 shares in the last quarter. Rhumbline Advisers increased its position in shares of Iridium Communications by 0.8% during the second quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock worth $1,815,000 after acquiring an additional 1,320 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Iridium Communications by 11.1% during the second quarter. Legal & General Group Plc now owns 149,075 shares of the technology company’s stock worth $1,648,000 after acquiring an additional 14,929 shares in the last quarter.

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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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