Iridium Communications (NASDAQ:IRDM – Get Free Report) announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 19th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Iridium Communications Trading Up 4.4 %
NASDAQ IRDM traded up $1.23 on Friday, reaching $29.11. The company had a trading volume of 875,435 shares, compared to its average volume of 1,058,613. The stock’s 50 day moving average is $27.01 and its 200-day moving average is $27.51. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 138.10 and a beta of 0.64. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $48.71.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $204.01 million. During the same period last year, the company earned ($0.24) earnings per share. Iridium Communications’s quarterly revenue was up 4.1% on a year-over-year basis. Equities analysts predict that Iridium Communications will post 0.81 earnings per share for the current year.
Iridium Communications Announces Dividend
Analyst Ratings Changes
A number of analysts have weighed in on IRDM shares. Barclays upped their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. BWS Financial reiterated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.
View Our Latest Report on Iridium Communications
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.
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