Barclays Issues Pessimistic Forecast for Iridium Communications (NASDAQ:IRDM) Stock Price

Iridium Communications (NASDAQ:IRDM - Get Free Report) had its price objective dropped by investment analysts at Barclays from $45.00 to $38.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Barclays's price target would indicate a potential upside of 41.42% from the company's current price.

Several other brokerages have also recently commented on IRDM. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 price target for the company. StockNews.com raised shares of Iridium Communications from a "hold" rating to a "buy" rating in a research report on Thursday, February 27th.

Iridium Communications Trading Down 1.8 %

Shares of IRDM stock traded down $0.48 during trading hours on Monday, reaching $26.87. 1,441,553 shares of the stock traded hands, compared to its average volume of 1,232,420. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $2.92 billion, a PE ratio of 28.28, a PEG ratio of 1.28 and a beta of 0.70. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $35.85. The business has a fifty day moving average price of $29.68 and a 200 day moving average price of $29.32.

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Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. On average, equities research analysts forecast that Iridium Communications will post 0.89 EPS for the current year.

Insider Activity

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB increased its position in shares of Iridium Communications by 30.2% in the 4th quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock valued at $7,264,000 after buying an additional 57,690 shares in the last quarter. Impax Asset Management Group plc acquired a new stake in shares of Iridium Communications during the third quarter worth about $697,000. Thrivent Financial for Lutherans raised its position in shares of Iridium Communications by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 130,370 shares of the technology company's stock worth $3,970,000 after purchasing an additional 21,522 shares during the period. Inspire Investing LLC lifted its holdings in shares of Iridium Communications by 185.7% during the 4th quarter. Inspire Investing LLC now owns 43,265 shares of the technology company's stock valued at $1,256,000 after purchasing an additional 28,119 shares in the last quarter. Finally, Barclays PLC increased its stake in Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock worth $26,093,000 after purchasing an additional 137,924 shares in the last quarter. Institutional investors own 84.36% of the company's stock.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.