Iridium Communications (NASDAQ:IRDM) Upgraded at StockNews.com

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

Several other research firms have also commented on IRDM. Barclays cut their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $27.55 on Friday. 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 firm has a fifty day moving average of $29.42 and a 200 day moving average of $29.37. The firm has a market cap of $3.00 billion, a PE ratio of 29.00, a PEG ratio of 1.28 and a beta of 0.70. Iridium Communications has a one year low of $24.14 and a one year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating 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. As a group, research analysts predict 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 stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IRDM. State Street Corp increased its position in Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after purchasing an additional 36,851 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Iridium Communications by 12.8% in 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 buying an additional 320,506 shares during the period. Nikko Asset Management Americas Inc. increased 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 worth $82,028,000 after buying an additional 329,915 shares during the last quarter. ARK Investment Management LLC raised its position 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 buying an additional 134,924 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after acquiring an additional 683,777 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Company Profile

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.