Iridium Communications (NASDAQ:IRDM) has been given a $33.00 price target by analysts at BWS Financial in a research report issued to clients and investors on Tuesday, TipRanks reports. The firm presently has a “buy” rating on the technology company’s stock. BWS Financial’s price objective would suggest a potential upside of 48.58% from the stock’s previous close.
A number of other brokerages have also commented on IRDM. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Saturday, July 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $26.20.
Shares of NASDAQ:IRDM traded down $0.37 during mid-day trading on Tuesday, hitting $22.21. The company had a trading volume of 1,629,974 shares, compared to its average volume of 908,237. The firm has a fifty day moving average price of $23.82 and a 200 day moving average price of $24.53. The company has a market capitalization of $3.11 billion, a PE ratio of -158.64 and a beta of 2.10. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.13 and a quick ratio of 1.00. Iridium Communications has a one year low of $16.64 and a one year high of $28.24.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. The company had revenue of $143.10 million during the quarter, compared to analyst estimates of $132.92 million. Iridium Communications had a negative net margin of 10.37% and a negative return on equity of 3.56%. Iridium Communications’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 EPS. Research analysts expect that Iridium Communications will post -0.58 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the business. Executive Wealth Management LLC increased its stake in Iridium Communications by 378.7% during the 2nd quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock valued at $42,000 after purchasing an additional 1,420 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Iridium Communications during the 2nd quarter valued at $43,000. Strs Ohio increased its stake in Iridium Communications by 42.9% during the 2nd quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock valued at $69,000 after purchasing an additional 900 shares in the last quarter. Advisory Services Network LLC bought a new stake in Iridium Communications during the 2nd quarter valued at $103,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new stake in Iridium Communications during the 2nd quarter valued at $105,000. Institutional investors and hedge funds own 76.33% of the company’s stock.
About Iridium Communications
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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