Iridium Communications (NASDAQ:IRDM) Upgraded by StockNews.com to Buy Rating

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

Several other research firms have also issued reports on IRDM. Cantor Fitzgerald started coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Barclays dropped their target price on shares of 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 Price Performance

Shares of IRDM stock opened at $24.59 on Friday. The firm has a market cap of $2.67 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.66. The firm has a fifty day moving average of $29.22 and a two-hundred day moving average of $29.42. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. Iridium Communications has a 1-year low of $24.12 and a 1-year high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping 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 business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. As a group, research analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in Iridium Communications by 26.7% in the third quarter. FMR LLC now owns 942,380 shares of the technology company’s stock worth $28,695,000 after purchasing an additional 198,360 shares during the period. Captrust Financial Advisors acquired a new stake in shares of Iridium Communications in the 3rd quarter worth approximately $226,000. Janus Henderson Group PLC boosted its holdings in shares of Iridium Communications by 237.6% in the third quarter. Janus Henderson Group PLC now owns 175,677 shares of the technology company’s stock valued at $5,349,000 after acquiring an additional 123,638 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Iridium Communications during the third quarter valued at approximately $2,179,000. Finally, State Street Corp raised its holdings in Iridium Communications by 0.9% during the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock worth $130,018,000 after purchasing an additional 36,851 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

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.