Iridium Communications Inc. (NASDAQ:IRDM) receives consensus target price of $49.67 from brokerages
Shares of Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) received an average rating of “Buy” from the seven analysts who currently cover the company, MarketBeat.com reports. Five investment analysts gave the stock a buy rating and two gave the company a strong buy rating. The 12-month average price target among brokerages that have covered the stock over the past year is $49.67.
The IRDM has been the subject of a number of recent analyst reports. StockNews.com upgraded Iridium Communications shares from a “hold” rating to a “buy” rating in a Tuesday, May 24 research report. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “strong-buy” rating and set a price target of $48.00 for the company in a Thursday, April 21 research report . Barclays upgraded shares of Iridium Communications from an “equal weight” rating to an “overweight” rating and set a target price of $47.00 for the company in a Monday, February 21 research report. Morgan Stanley lowered its price target on Iridium Communications shares from $50.00 to $48.00 and set an “overweight” rating for the company in a Friday, Feb. 11 report. Finally, Raymond James moved Iridium Communications shares from an “outperform” rating to a “strong buy” rating and raised his price target for the company from $47.00 to $51.00. in a Friday, February 18 research report.
Major investors have recently changed their positions in the company. The New York State Common Retirement Fund increased its position in Iridium Communications shares by 3.2% during the fourth quarter. The New York State Common Retirement Fund now owns 86,190 shares of the technology company worth $3,559,000 after buying 2,686 additional shares in the last quarter. Guggenheim Capital LLC increased its position in Iridium Communications by 1,835.6% in Q3. Guggenheim Capital LLC now owns 147,103 shares of the technology company valued at $5,862,000 after buying an additional 139,503 shares last quarter. Two Sigma Advisers LP purchased a new position in Iridium Communications stock in Q3 valued at approximately $1,291,000. Teacher Retirement System of Texas increased its stake in Iridium Communications shares by 10.2% in the fourth quarter. Teacher Retirement System of Texas now owns 23,064 shares of the technology company valued at $952,000 after acquiring 2,135 additional shares in the last quarter. Finally, Select Equity Group LP increased its stake in Iridium Communications by 12.5% during the 4th quarter. Select Equity Group LP now owns 1,208,248 shares of the technology company worth $49,889,000 after purchasing an additional 134,545 shares in the last quarter. 97.98% of the shares are held by institutional investors.
The NASDAQ IRDM traded at $0.97 on Wednesday during trading, hitting $36.97. The company’s shares had a trading volume of 5,470 shares, compared to an average volume of 445,991. The company has a 50-day moving average price of $37.75 and a 200-day moving average price of 38. $23. Iridium Communications has a 12-month low of $31.73 and a 12-month high of $48.95. The company has a current ratio of 3.67, a quick ratio of 3.38 and a debt ratio of 1.32. The company has a market capitalization of $4.73 billion, a price/earnings ratio of -3,698.00 and a beta of 1.17.
Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its quarterly results on Tuesday, April 19. The technology company reported earnings per share (EPS) of $0.02 for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company posted revenue of $168.20 million in the quarter, compared to $156.83 million expected by analysts. Iridium Communications had a negative net margin of 0.21% and a negative return on equity of 0.10%. The company’s revenue increased 14.8% year over year. During the same period of the previous year, the company posted EPS ($0.04). On average, stock analysts expect Iridium Communications to post EPS of 0.07 for the current fiscal year.
Iridium Communications announced that its board of directors authorized a stock repurchase program on Monday, March 7 that allows the company to repurchase $300.00 million in stock. This repurchase authorization allows the tech company to repurchase up to 5.8% of its shares through open market purchases. Share repurchase programs usually indicate that the company’s board of directors believe its shares are undervalued.
Iridium Communications Company Profile (Get an evaluation)
Iridium Communications Inc provides mobile voice and data communications services and products to businesses, U.S. and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid satellite voice and data mobile communications; prepaid mobile voice communications by satellite; press to talk; broadband data; and Internet of Things (IoT) services.
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