StockNews.com Downgrades Iridium Communications (NASDAQ:IRDM) to Hold

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

A number of other equities research analysts have also weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, March 10th.

Iridium Communications Price Performance

NASDAQ IRDM opened at $27.59 on Thursday. The firm’s fifty day simple moving average is $29.62 and its two-hundred day simple moving average is $29.30. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $35.85. The firm has a market capitalization of $3.00 billion, a P/E ratio of 29.04, a P/E/G ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million. Analysts forecast that Iridium Communications will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Castle Rock Wealth Management LLC acquired a new position in shares of Iridium Communications in the fourth quarter worth about $1,918,000. Total Wealth Planning & Management Inc. acquired a new position in shares of Iridium Communications in the fourth quarter worth about $273,000. PharVision Advisers LLC acquired a new position in shares of Iridium Communications in the fourth quarter worth about $873,000. Two Sigma Advisers LP raised its position in shares of Iridium Communications by 6.6% in the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after acquiring an additional 500 shares during the period. Finally, Tidal Investments LLC acquired a new position in shares of Iridium Communications in the fourth quarter worth about $610,000. Institutional investors and hedge funds 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.