Iridium Communications (NASDAQ:IRDM) Rating Lowered to “Hold” at StockNews.com

Iridium Communications (NASDAQ:IRDM) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target on the stock. Barclays reduced their target price on 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 Trading Down 6.6 %

IRDM stock opened at $27.54 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The firm has a market cap of $3.00 billion, a P/E ratio of 28.99, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $35.85. The business’s 50 day moving average is $29.52 and its 200-day moving average is $29.47.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly 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 firm had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Equities analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Insider Activity

In other 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 transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.00% of the stock is owned by insiders.

Institutional Trading of Iridium Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Iridium Communications by 5.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,157 shares of the technology company’s stock valued at $701,000 after purchasing an additional 1,300 shares during the last quarter. Castle Rock Wealth Management LLC bought a new position in Iridium Communications in the fourth quarter valued at approximately $1,918,000. Total Wealth Planning & Management Inc. acquired a new stake in Iridium Communications during the 4th quarter worth $273,000. PharVision Advisers LLC acquired a new stake in Iridium Communications during the 4th quarter worth $873,000. Finally, Two Sigma Advisers LP lifted its stake in shares of Iridium Communications by 6.6% in the 4th quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock valued at $235,000 after purchasing an additional 500 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.

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.