StockNews.com Downgrades Iridium Communications (NASDAQ:IRDM) to Hold

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

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

Iridium Communications Stock Down 6.6 %

Iridium Communications 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’s fifty day moving average price is $29.52 and its two-hundred day moving average price is $29.43. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 28.99, a price-to-earnings-growth 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.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The firm 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%. On average, equities research analysts predict that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Insider Activity at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated 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 transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IRDM. Cerity Partners LLC bought a new stake in Iridium Communications during the third quarter worth about $1,359,000. FMR LLC lifted its holdings in Iridium Communications by 26.7% in the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after buying an additional 198,360 shares during the period. BNP Paribas Financial Markets boosted its holdings in Iridium Communications by 2.6% in the third quarter. BNP Paribas Financial Markets now owns 382,390 shares of the technology company’s stock valued at $11,644,000 after acquiring an additional 9,511 shares in the last quarter. CreativeOne Wealth LLC bought a new position in Iridium Communications in the 3rd quarter worth $539,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Iridium Communications by 5.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company’s stock worth $844,000 after purchasing an additional 1,488 shares during the period. 84.36% of the stock is currently owned by 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.