New Street Research Begins Coverage on Iridium Communications (NASDAQ:IRDM)

Research analysts at New Street Research started coverage on shares of Iridium Communications (NASDAQ:IRDM) in a research report issued on Thursday. The brokerage set a “neutral” rating and a $40.00 price target on the technology company’s stock. New Street Research’s price objective points to a potential downside of 7.17% from the company’s previous close.

Several other research firms have also recently commented on IRDM. Morgan Stanley increased their price objective on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 18th. Barclays upped their target price on shares of Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Raymond James Financial reaffirmed a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Finally, BWS Financial reissued a “sell” rating and set a $16.00 price objective on shares of Iridium Communications in a report on Monday, April 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.80.

Iridium Communications Price Performance

Shares of IRDM opened at $43.09 on Thursday. Iridium Communications has a twelve month low of $15.65 and a twelve month high of $44.36. The company has a market capitalization of $4.56 billion, a P/E ratio of 43.53, a price-to-earnings-growth ratio of 2.84 and a beta of 0.79. The firm has a 50 day moving average of $32.90 and a 200 day moving average of $23.80. The company has a quick ratio of 2.21, a current ratio of 2.85 and a debt-to-equity ratio of 3.74.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). The business had revenue of $219.06 million during the quarter, compared to the consensus estimate of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the company posted $0.27 earnings per share. As a group, equities research analysts anticipate that Iridium Communications will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Iridium Communications

In other news, CAO Timothy Kapalka sold 3,790 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total value of $117,490.00. Following the transaction, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. This represents a 7.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IRDM. Root Financial Partners LLC grew its position in shares of Iridium Communications by 1,750.0% during the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock valued at $37,000 after acquiring an additional 1,260 shares during the period. Quadrant Capital Group LLC raised its holdings in Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares during the period. Hantz Financial Services Inc. lifted its position in Iridium Communications by 184.7% during the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after purchasing an additional 977 shares in the last quarter. Larson Financial Group LLC lifted its position in Iridium Communications by 392.8% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after purchasing an additional 1,202 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Iridium Communications during the fourth quarter valued at about $27,000. 84.36% of the stock is currently owned by institutional investors.

About Iridium Communications

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.