Iridium Communications (NASDAQ:IRDM) Stock Rating Lowered by StockNews.com

Iridium Communications (NASDAQ:IRDM - Get Free Report) was downgraded by research analysts at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Saturday.

Several other research analysts have also weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective on the stock. Barclays cut their price target on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th.

Iridium Communications Trading Down 1.1 %

NASDAQ:IRDM traded down $0.29 on Friday, reaching $27.03. The stock had a trading volume of 1,126,040 shares, compared to its average volume of 1,117,294. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 28.45, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm's fifty day moving average is $29.42 and its two-hundred day moving average is $29.46.

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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, beating analysts' consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Equities analysts expect that Iridium Communications will post 0.89 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction of $356,625.00. Following the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by insiders.

Institutional Trading of Iridium Communications

Several large investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Iridium Communications by 5.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,157 shares of the technology company's stock valued at $701,000 after purchasing an additional 1,300 shares in the last quarter. Castle Rock Wealth Management LLC acquired a new stake in shares of Iridium Communications during the fourth quarter valued at about $1,918,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of Iridium Communications during the fourth quarter worth about $273,000. PharVision Advisers LLC acquired a new position in shares of Iridium Communications in the fourth quarter worth about $873,000. Finally, Two Sigma Advisers LP boosted its holdings in Iridium Communications by 6.6% in the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company's stock valued at $235,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds 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.