Iridium Communications (NASDAQ:IRDM) Stock Rating Upgraded by StockNews.com

Iridium Communications (NASDAQ:IRDM) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

A number of other analysts have also commented on IRDM. Barclays lowered their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM opened at $27.65 on Friday. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $35.85. The firm has a market cap of $3.01 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The business has a fifty day moving average of $29.40 and a 200-day moving average of $29.39.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. On average, equities research analysts predict that Iridium Communications will post 0.89 EPS for the current fiscal year.

Insider Transactions at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Iridium Communications

Several institutional investors have recently modified their holdings of the stock. State Street Corp grew its position in shares of Iridium Communications by 0.9% during the 3rd quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after buying an additional 36,851 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after purchasing an additional 320,506 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock valued at $82,028,000 after purchasing an additional 329,915 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Iridium Communications by 5.7% during the 4th quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock valued at $72,774,000 after purchasing an additional 134,924 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after purchasing an additional 683,777 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

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.