Iridium Communications (NASDAQ:IRDM) Price Target Raised to $26.00 at Morgan Stanley

Iridium Communications (NASDAQ:IRDM) had its target price raised by investment analysts at Morgan Stanley from $24.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective indicates a potential upside of 10.50% from the company’s previous close.

IRDM has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Iridium Communications in a research note on Thursday, January 22nd. BWS Financial restated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Tuesday. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $25.40.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $23.53 on Wednesday. Iridium Communications has a twelve month low of $15.65 and a twelve month high of $34.45. The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The stock has a market cap of $2.46 billion, a P/E ratio of 22.20, a PEG ratio of 1.38 and a beta of 0.61. The company’s 50-day simple moving average is $19.22 and its 200 day simple moving average is $19.50.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. As a group, research analysts forecast that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRDM. Quadrant Capital Group LLC grew its position in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after buying an additional 741 shares during the period. Hantz Financial Services Inc. grew its holdings in Iridium Communications by 184.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after acquiring an additional 977 shares during the period. Larson Financial Group LLC raised its position in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,202 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Iridium Communications during the 4th quarter valued at $27,000. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of Iridium Communications in the 3rd quarter valued at $32,000. 84.36% of the stock is owned by institutional investors.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.