Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) has received a consensus rating of “Buy” from the six research firms covering the stock, reports Marketbeat. Five analysts have rated the stock with a Buy rating and one has given the company a Strong Buy rating. The average 12-month target price from analysts who have covered the stock for the past year is $50.00.
Separately, StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report Tuesday, May 24th.
In other news, insider Suzanne E. Mcbride sold 7,500 shares of Iridium Communications in a transaction on Monday, August 15. The shares were sold at an average price of $46.68 for a total value of $350,100.00. Upon closing of the transaction, the insider now directly owns 110,553 shares of the company’s stock valued at approximately $5,160,614.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, available at this link. In other news from Iridium Communications, insider Suzanne E. Mcbride sold 7,500 shares of the company’s stock in a transaction Monday, August 15. The shares sold at an average price of $46.68 for a total transaction of $350,100.00. Upon closing of the transaction, the insider now directly owns 110,553 shares of the company’s stock valued at approximately $5,160,614.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, insider Kathleen A. Morgan sold 3,000 shares of the company’s stock in a transaction on Thursday, July 28. The shares sold at an average price of $44.00 for a total transaction of $132,000.00. Following the transaction, the insider now directly owns 49,399 shares of the company’s stock valued at $2,173,556. The disclosure for this sale can be found here. Over the past three months, insiders sold 57,301 shares of the company’s stock valued at $2,590,933. Company insiders own 2.50% of the company’s stock.
Institutional inflows and outflows
Hedge funds and other institutional investors have recently bought and sold shares in the company. Byrne Asset Management LLC acquired a new interest in Iridium Communications valued at approximately $29,000 during the fourth quarter. CWM LLC increased its position in Iridium Communications shares by 95.0% during the first quarter. CWM LLC now owns 739 shares of the $30,000 tech company after buying another 360 shares last quarter. SeaCrest Wealth Management LLC acquired a new interest in Iridium Communications valued at approximately $38,000 during the second quarter. Fifth Third Bancorp increased its position in Iridium Communications shares by 107.8% during the second quarter. Fifth Third Bancorp now owns 1,172 shares of the $44,000 tech company after buying another 608 shares last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in Iridium Communications stock valued at approximately $128,000 during the second quarter. 97.98% of the shares are owned by institutional investors and hedge funds.
Iridium Communications trading down 1.3%
Iridium Communications shares opened at $45.27 on Monday. Iridium Communications has a 12-month low of $31.73 and a 12-month high of $48.95. The company has a quick ratio of 2.97, a current ratio of 3.23 and a debt to equity ratio of 1.33. The company’s 50-day moving average price is $40.56 and its 200-day moving average price is $38.78.
Iridium Communications (NASDAQ:IRDM – Get Rating) last announced its quarterly earnings data on Tuesday, July 26th. The tech company reported earnings per share of $0.04 for the quarter. The company had revenue of $174.90 million for the quarter, compared to analyst estimates of $166.46 million. Iridium Communications had negative net margin of 0.09% and negative return on equity of 0.05%. The company’s revenue for the quarter increased 16.6% compared to the same quarter last year. In the same period last year, the company earned $0.03 per share. Analysts expect Iridium Communications to report earnings per share of 0.09 for the current fiscal year.
Company profile of Iridium Communications
Iridium Communications Inc provides mobile voice and data communications services and products to businesses, United States and international governments, non-governmental organizations, and consumers worldwide. The Company provides mobile post-paid voice and data satellite communications; prepaid mobile voice satellite communications; press to speak; broadband data; and Internet of Things (IoT) services.
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