Iridium Communications Inc (NASDAQ:IRDM) Stock Has Consensus Target Price of $41.20

Iridium Communications Inc (NASDAQ:IRDM) has earned an average recommendation of “Hold” from the eight research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $41.20.

A number of research analysts have issued reports on IRDM shares. Weiss Ratings upgraded Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, October 21st. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 22nd.

Insider Buying and Selling

In related news, EVP Timothy Last sold 19,521 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $50.34, for a total transaction of $982,687.14. Following the completion of the transaction, the executive vice president owned 93,413 shares in the company, valued at approximately $4,702,410.42. This represents a 17.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kathleen Morgan sold 33,192 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the sale, the insider owned 124,871 shares of the company’s stock, valued at $6,287,254.85. This trade represents a 21.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 381,688 shares of company stock worth $19,146,390 in the last ninety days. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Iridium Communications in the second quarter worth $737,587,000. Van ECK Associates Corp lifted its position in shares of Iridium Communications by 50.9% during the 2nd quarter. Van ECK Associates Corp now owns 2,270,799 shares of the technology company’s stock valued at $124,553,000 after buying an additional 766,171 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Iridium Communications by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,159,061 shares of the technology company’s stock worth $59,884,000 after acquiring an additional 65,937 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Iridium Communications during the 2nd quarter worth $62,751,000. Finally, Principal Financial Group Inc. increased its holdings in Iridium Communications by 2.2% in the 1st quarter. Principal Financial Group Inc. now owns 508,290 shares of the technology company’s stock worth $14,100,000 after acquiring an additional 10,702 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Price Performance

Shares of NASDAQ IRDM opened at $44.04 on Friday. The company has a market capitalization of $4.68 billion, a PE ratio of 29.17, a PEG ratio of 3.44 and a beta of 0.87. The company has a quick ratio of 0.72, a current ratio of 0.91 and a debt-to-equity ratio of 3.34. The stock’s 50 day moving average price is $46.47 and its 200-day moving average price is $40.18. Iridium Communications has a twelve month low of $15.65 and a twelve month high of $57.18.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, October 20th. The technology company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.64. The company had revenue of $245.73 million during the quarter, compared to the consensus estimate of $236.30 million. Iridium Communications had a return on equity of 22.04% and a net margin of 18.06%. During the same period last year, the business posted $0.35 earnings per share. On average, equities analysts anticipate that Iridium Communications will post 0.98 EPS for the current year.

Iridium Communications Company Profile

Iridium Communications provides satellite voice and data services through a low Earth orbit constellation designed to deliver coverage across the globe, including polar regions and remote areas beyond the reach of many terrestrial networks. Its customers include businesses, government agencies, and individuals working on land, at sea, and in the air.

The company offers satellite phones, voice and broadband connectivity, push-to-talk communications, and Internet of Things services. Its Iridium Certus platform supports voice and data applications, while its network also carries safety and operational communications for sectors such as maritime, aviation, and government.

Iridium’s satellite system originated as a Motorola project, and commercial service began in the late 1990s.