Iridium Communications (NASDAQ:IRDM) Raised to Hold at New Street Research

Iridium Communications (NASDAQ:IRDM) was upgraded by New Street Research to a “hold” rating in a report released on Wednesday,Zacks.com reports.

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

Iridium Communications Stock Up 0.8%

NASDAQ:IRDM opened at $43.43 on Wednesday. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 43.87, a PEG ratio of 2.94 and a beta of 0.79. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $44.61. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74. The business’s fifty day moving average price is $33.29 and its 200 day moving average price is $23.97.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.07). The business had revenue of $219.06 million for the quarter, compared to analyst estimates of $218.39 million. Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. On average, sell-side analysts forecast that Iridium Communications will post 1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Iridium Communications

Several large investors have recently made changes to their positions in IRDM. Quadrant Capital Group LLC boosted its stake 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 acquiring an additional 741 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of 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 in the last quarter. Larson Financial Group LLC boosted its stake 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 worth $26,000 after acquiring an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Iridium Communications during the 4th quarter worth about $27,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Iridium Communications during the 3rd quarter worth about $32,000. Institutional investors own 84.36% of the company’s stock.

Key Stories Impacting Iridium Communications

Here are the key news stories impacting Iridium Communications this week:

• Positive Sentiment: Iridium agreed to buy the remaining 61% of Aireon for about $366.7 million, giving it full control of the space-based aircraft tracking platform and strengthening its long-term growth strategy in aviation safety. Article: Iridium to Acquire Aireon, Advancing its Strategy to Lead the Future of Aviation Safety
• Positive Sentiment: WSJ reported that the deal could help Iridium turn Aireon into a larger commercial business, with the acquisition unifying the world’s only space-based air traffic surveillance system with Iridium’s satellite network and extending key partnerships through 2035 and beyond. Article: Iridium Bets on Air Safety in Aireon Takeover
• Neutral Sentiment: New Street Research began coverage of Iridium with a neutral rating and a $40 price target, which is below the current share price and suggests limited near-term upside. Article: Iridium Communications (NASDAQ:IRDM) Now Covered by Analysts at New Street Research
• Neutral Sentiment: Analysts also maintained an overall Hold consensus on the stock, indicating that while the business outlook has improved, the market still sees valuation and execution risks. Article: Iridium Communications Inc (NASDAQ:IRDM) Given Consensus Rating of "Hold" by Analysts

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.