Iridium Communications (IRDM) Debt Trading 0.6% Higher

An issue of Iridium Communications Inc (NASDAQ:IRDM) debt rose 0.6% against its face value during trading on Tuesday. The debt issue has a 10.25% coupon and will mature on April 15, 2023. The debt is now trading at $102.88. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

Several analysts recently commented on the stock. Zacks Investment Research downgraded shares of Iridium Communications from a “hold” rating to a “sell” rating in a research report on Saturday, February 24th. ValuEngine downgraded shares of Iridium Communications from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 23rd. Finally, BidaskClub downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $13.00.

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Iridium Communications Inc (IRDM) traded up $0.15 during mid-day trading on Tuesday, reaching $11.55. 853,608 shares of the company traded hands, compared to its average volume of 746,117. Iridium Communications Inc has a 1 year low of $8.65 and a 1 year high of $13.25. The stock has a market cap of $1,134.34, a P/E ratio of 6.31, a price-to-earnings-growth ratio of 31.86 and a beta of 1.79. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.83 and a current ratio of 1.92.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 22nd. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.24). The business had revenue of $115.50 million during the quarter, compared to analysts’ expectations of $111.71 million. Iridium Communications had a net margin of 52.19% and a return on equity of 7.21%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 EPS. research analysts anticipate that Iridium Communications Inc will post 0.07 EPS for the current year.

Institutional investors have recently made changes to their positions in the business. Elkfork Partners LLC purchased a new position in Iridium Communications during the 4th quarter worth $108,000. Jane Street Group LLC purchased a new position in Iridium Communications during the 4th quarter worth $129,000. Trexquant Investment LP purchased a new position in Iridium Communications during the 3rd quarter worth $191,000. Stevens Capital Management LP purchased a new position in Iridium Communications during the 3rd quarter worth $232,000. Finally, Alps Advisors Inc. purchased a new position in Iridium Communications during the 4th quarter worth $257,000. Institutional investors own 99.96% of the company’s stock.

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Iridium Communications Company Profile

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

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