Iridium Communications Inc (NASDAQ:IRDM) – Equities researchers at William Blair increased their Q3 2020 EPS estimates for Iridium Communications in a report issued on Tuesday, July 28th. William Blair analyst L. Dipalma now expects that the technology company will post earnings of ($0.10) per share for the quarter, up from their prior estimate of ($0.12). William Blair also issued estimates for Iridium Communications’ Q4 2020 earnings at ($0.10) EPS and FY2021 earnings at ($0.37) EPS.
Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.05. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The firm had revenue of $140.17 million for the quarter, compared to the consensus estimate of $136.76 million. During the same quarter last year, the business posted ($0.16) EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis.
A number of other analysts also recently issued reports on the company. Raymond James lifted their target price on Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Wednesday. BidaskClub raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research report on Monday, June 15th. Finally, Barclays lowered their target price on Iridium Communications from $30.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $30.40.
IRDM opened at $27.39 on Friday. The business’s 50-day moving average price is $26.13 and its two-hundred day moving average price is $24.99. Iridium Communications has a 1 year low of $16.87 and a 1 year high of $32.08. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -21.23 and a beta of 1.41. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.60.
In other news, Director Robert H. Niehaus sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $25.66, for a total transaction of $641,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy Kapalka sold 9,375 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $26.39, for a total value of $247,406.25. Following the sale, the vice president now owns 34,736 shares of the company’s stock, valued at approximately $916,683.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 334,375 shares of company stock worth $9,388,906. Company insiders own 3.80% of the company’s stock.
Several large investors have recently modified their holdings of IRDM. Stifel Financial Corp boosted its stake in shares of Iridium Communications by 2.7% in the fourth quarter. Stifel Financial Corp now owns 28,613 shares of the technology company’s stock valued at $703,000 after buying an additional 739 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of Iridium Communications by 4.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 124,690 shares of the technology company’s stock valued at $3,072,000 after buying an additional 5,489 shares during the period. Bank of America Corp DE boosted its stake in shares of Iridium Communications by 25.0% in the fourth quarter. Bank of America Corp DE now owns 113,804 shares of the technology company’s stock valued at $2,804,000 after buying an additional 22,791 shares during the period. Profund Advisors LLC boosted its stake in shares of Iridium Communications by 3.1% in the fourth quarter. Profund Advisors LLC now owns 12,597 shares of the technology company’s stock valued at $310,000 after buying an additional 379 shares during the period. Finally, Mason Street Advisors LLC boosted its stake in shares of Iridium Communications by 2.8% in the fourth quarter. Mason Street Advisors LLC now owns 33,789 shares of the technology company’s stock valued at $833,000 after buying an additional 918 shares during the period. Institutional investors own 81.77% 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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