Iridium Communications (NASDAQ:IRDM) Stock Rating Reaffirmed by BWS Financial

Iridium Communications (NASDAQ:IRDM)‘s stock had its “neutral” rating reaffirmed by BWS Financial in a research note issued on Monday, Benzinga reports. They presently have a $30.00 price target on the technology company’s stock. BWS Financial’s price target suggests a potential upside of 3.84% from the company’s previous close.

Separately, Barclays raised their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Iridium Communications Stock Performance

IRDM stock opened at $28.89 on Monday. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $41.66. The company has a market cap of $3.51 billion, a P/E ratio of 137.57 and a beta of 0.65. The stock’s fifty day moving average price is $28.39 and its 200-day moving average price is $28.06.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same period last year, the firm posted ($0.24) earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts forecast that Iridium Communications will post 0.81 earnings per share for the current year.

Iridium Communications declared that its board has approved a stock repurchase program on Thursday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 14.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after buying an additional 999 shares during the period. Acadian Asset Management LLC bought a new position in shares of Iridium Communications in the first quarter worth about $29,000. Mather Group LLC. bought a new position in shares of Iridium Communications in the second quarter worth about $32,000. Blue Trust Inc. raised its stake in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after buying an additional 780 shares during the period. Finally, International Assets Investment Management LLC bought a new position in shares of Iridium Communications in the second quarter worth about $45,000. Institutional investors own 84.36% of the company’s stock.

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.