New Street Research Begins Coverage on Iridium Communications (NASDAQ:IRDM)

Research analysts at New Street Research started coverage on shares of Iridium Communications (NASDAQ:IRDM) in a report released on Thursday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $40.00 price target on the technology company’s stock. New Street Research’s target price would suggest a potential downside of 3.89% from the stock’s current price.

Several other research analysts have also issued reports on the stock. BWS Financial restated a “sell” rating and set a $16.00 price target on shares of Iridium Communications in a report on Monday, April 27th. Barclays raised their price target on shares of Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Morgan Stanley raised their price target on shares of Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a report on Friday, April 24th. Finally, Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Iridium Communications currently has a consensus rating of “Hold” and a consensus target price of $28.80.

Iridium Communications Stock Down 4.2%

Shares of NASDAQ IRDM opened at $41.62 on Thursday. The company has a 50 day simple moving average of $33.63 and a 200 day simple moving average of $24.10. The firm has a market cap of $4.40 billion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 2.96 and a beta of 0.79. Iridium Communications has a 1 year low of $15.65 and a 1 year high of $44.61. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, April 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.07). Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The firm had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. During the same quarter in the previous year, the business posted $0.27 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, research analysts forecast that Iridium Communications will post 1.04 EPS for the current year.

Insider Activity at Iridium Communications

In other news, CAO Timothy Kapalka sold 2,043 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $33.00, for a total transaction of $67,419.00. Following the completion of the sale, the chief accounting officer owned 45,721 shares of the company’s stock, valued at $1,508,793. This trade represents a 4.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of Iridium Communications

Large investors have recently modified their holdings of the stock. Root Financial Partners LLC grew its position in shares of Iridium Communications by 1,750.0% during the 1st quarter. Root Financial Partners LLC now owns 1,332 shares of the technology company’s stock worth $37,000 after buying an additional 1,260 shares during the period. Quadrant Capital Group LLC grew its position in shares of Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after buying an additional 741 shares during the period. Hantz Financial Services Inc. grew its position in shares of Iridium Communications by 184.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock worth $26,000 after buying an additional 977 shares during the period. Larson Financial Group LLC grew its position in shares of Iridium Communications by 392.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock worth $26,000 after buying an additional 1,202 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Iridium Communications during the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications News Roundup

Here are the key news stories impacting Iridium Communications this week:

• Positive Sentiment: Iridium announced it will acquire the remaining 61% of Aireon for about $366.7 million, giving it full control of the space-based air traffic surveillance business and potentially strengthening its long-term aviation safety growth strategy. Article: Iridium to Acquire Aireon, Advancing its Strategy to Lead the Future of Aviation Safety
• Positive Sentiment: Some commentary suggests the Aireon deal could be a “bold move” that supports Iridium’s long-term growth by expanding its aviation-focused business. Article: Iridium Communications Makes A Bold Move That Creates Long-Term Growth
• Neutral Sentiment: New Street Research began coverage with a neutral/hold view and later upgraded Iridium to hold, with a $40 price target that is near the current trading level, suggesting limited near-term upside in the stock. Article: Iridium Communications was upgraded by New Street Research to “hold”
• Neutral Sentiment: Analysts now broadly rate Iridium as a hold, reinforcing a wait-and-see stance while the company integrates Aireon and clarifies the financial impact of the deal. Article: Iridium Communications Inc (NASDAQ:IRDM) Given Consensus Rating of “Hold” by Analysts
• Negative Sentiment: Recent valuation-focused coverage says investors are questioning whether the recent share-price momentum is fully justified, which may be pressuring the stock. Article: Assessing Iridium Communications (IRDM) Valuation After Recent Share Price Momentum
• Negative Sentiment: Analysts highlighted valuation downside risk after the upgrade, with one note setting a $40 target below the current share price, implying the rally may have run ahead of fundamentals. Article: Iridium Communications (NASDAQ:IRDM) Now Covered by Analysts at New Street Research

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.