Iridium Communications (IRDM) Downgraded to “Hold” at Zacks Investment Research

Iridium Communications (NASDAQ:IRDM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Saturday, August 4th.

According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “

Other analysts have also issued research reports about the stock. Northland Securities reaffirmed a “hold” rating and set a $14.75 target price on shares of Iridium Communications in a report on Wednesday, August 1st. BidaskClub cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 26th. BWS Financial began coverage on shares of Iridium Communications in a research report on Wednesday, May 9th. They set a “buy” rating and a $22.00 price target on the stock. TheStreet cut shares of Iridium Communications from a “b” rating to a “c+” rating in a research report on Tuesday, May 15th. Finally, ValuEngine cut shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. Iridium Communications has an average rating of “Buy” and an average target price of $16.75.

Shares of Iridium Communications traded down $0.50, reaching $19.85, during midday trading on Friday, MarketBeat Ratings reports. The company had a trading volume of 688,857 shares, compared to its average volume of 1,134,211. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.18 and a quick ratio of 2.09. The firm has a market cap of $2.25 billion, a P/E ratio of 28.36 and a beta of 1.92. Iridium Communications has a 1-year low of $9.68 and a 1-year high of $20.52.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Tuesday, July 31st. The technology company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The business had revenue of $134.93 million during the quarter, compared to analyst estimates of $120.54 million. Iridium Communications had a net margin of 36.66% and a return on equity of 3.72%. Iridium Communications’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 earnings per share. sell-side analysts expect that Iridium Communications will post -0.14 EPS for the current year.

In other Iridium Communications news, insider Thomas D. Hickey sold 13,455 shares of Iridium Communications stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $18.86, for a total value of $253,761.30. Following the sale, the insider now directly owns 125,820 shares in the company, valued at approximately $2,372,965.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Bryan J. Hartin sold 29,655 shares of Iridium Communications stock in a transaction on Monday, August 6th. The shares were sold at an average price of $19.23, for a total transaction of $570,265.65. Following the completion of the sale, the executive vice president now owns 94,168 shares in the company, valued at $1,810,850.64. The disclosure for this sale can be found here. Insiders sold a total of 55,610 shares of company stock worth $1,065,277 over the last ninety days. 5.60% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of IRDM. Elkfork Partners LLC acquired a new stake in Iridium Communications in the 4th quarter valued at $108,000. Advisors Preferred LLC acquired a new stake in Iridium Communications in the 2nd quarter valued at $127,000. Jane Street Group LLC acquired a new stake in Iridium Communications in the 4th quarter valued at $129,000. Rockefeller Capital Management L.P. acquired a new stake in Iridium Communications in the 1st quarter valued at $143,000. Finally, Independent Advisor Alliance acquired a new stake in Iridium Communications in the 2nd quarter valued at $161,000. Hedge funds and other institutional investors own 88.99% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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