StockNews.com Upgrades Iridium Communications (NASDAQ:IRDM) to "Buy"

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

IRDM has been the subject of a number of other reports. Barclays cut their target price on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price on the stock.

Iridium Communications Price Performance

NASDAQ IRDM traded up $0.54 on Friday, reaching $28.19. The company had a trading volume of 1,147,335 shares, compared to its average volume of 1,076,506. The stock has a market capitalization of $3.07 billion, a PE ratio of 29.67, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $35.85. 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's 50 day moving average price is $29.40 and its 200 day moving average price is $29.41.

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Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. As a group, equities analysts predict that Iridium Communications will post 0.89 earnings per share for the current year.

Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently bought and sold shares of IRDM. Plato Investment Management Ltd purchased a new stake in shares of Iridium Communications during the fourth quarter valued at $32,000. SBI Securities Co. Ltd. bought a new position in Iridium Communications in the 4th quarter worth about $37,000. Pinnacle Holdings LLC increased its position in shares of Iridium Communications by 45.4% during the fourth quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares during the period. Fifth Third Bancorp increased its position in shares of Iridium Communications by 19.8% during the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after acquiring an additional 357 shares during the period. Finally, Covestor Ltd raised its stake in shares of Iridium Communications by 529.6% during the fourth quarter. Covestor Ltd now owns 2,512 shares of the technology company's stock valued at $73,000 after acquiring an additional 2,113 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.