Iridium Communications (NASDAQ:IRDM) Raised to Buy at StockNews.com

Iridium Communications (NASDAQ:IRDM) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

A number of other brokerages have also commented on IRDM. Barclays decreased their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company.

Iridium Communications Trading Down 5.3 %

Shares of IRDM stock opened at $23.28 on Friday. Iridium Communications has a fifty-two week low of $22.90 and a fifty-two week high of $35.85. 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 stock has a 50 day simple moving average of $29.08 and a two-hundred day simple moving average of $29.40. The company has a market cap of $2.53 billion, a P/E ratio of 24.51, a PEG ratio of 1.28 and a beta of 0.66.

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

Insider Activity at Iridium Communications

In related 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 completion of the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Iridium Communications by 3,015.9% during the first quarter. GAMMA Investing LLC now owns 108,215 shares of the technology company’s stock valued at $2,956,000 after purchasing an additional 104,742 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in 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 buying an additional 1,300 shares during the last quarter. Castle Rock Wealth Management LLC purchased a new stake in Iridium Communications in the 4th quarter valued at about $1,918,000. Total Wealth Planning & Management Inc. bought a new position in shares of Iridium Communications during the 4th quarter worth approximately $273,000. Finally, PharVision Advisers LLC purchased a new position in shares of Iridium Communications in the 4th quarter worth approximately $873,000. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.