Iridium Communications (NASDAQ:IRDM) Upgraded by New Street Research to Buy Rating

Iridium Communications (NASDAQ:IRDM) was upgraded by investment analysts at New Street Research from a “neutral” rating to a “buy” rating in a report released on Wednesday.

Several other equities analysts have also recently commented on IRDM. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iridium Communications in a report on Friday, July 10th. BWS Financial reiterated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Monday, April 27th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. Finally, Morgan Stanley increased their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $38.67.

Iridium Communications Stock Performance

IRDM traded up $0.71 during midday trading on Wednesday, reaching $47.95. The company’s stock had a trading volume of 835,687 shares, compared to its average volume of 2,471,050. The company has a current ratio of 2.85, a quick ratio of 2.21 and a debt-to-equity ratio of 3.74. The company has a fifty day simple moving average of $47.77 and a 200 day simple moving average of $34.37. The stock has a market cap of $5.07 billion, a P/E ratio of 48.49, a PEG ratio of 2.84 and a beta of 0.87. Iridium Communications has a twelve month low of $15.65 and a twelve month high of $57.18.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.17). The company had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. Research analysts expect that Iridium Communications will post 1.02 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRDM. Vanguard Group Inc. grew its stake in shares of Iridium Communications by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after purchasing an additional 677,258 shares during the last quarter. Silver Heights Capital Management Inc lifted its holdings in Iridium Communications by 1.2% during the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock worth $91,265,000 after buying an additional 61,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Iridium Communications by 130.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock worth $7,044,000 after buying an additional 224,322 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Iridium Communications by 8.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 612,610 shares of the technology company’s stock valued at $10,696,000 after buying an additional 50,239 shares during the last quarter. Finally, Maxi Investments CY Ltd acquired a new stake in shares of Iridium Communications in the 4th quarter valued at $7,369,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Trending Headlines about Iridium Communications

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

• Positive Sentiment: Iridium said its revenue came in at $225.24 million, topping analyst estimates of $220.32 million, which suggests the company’s top line remained resilient despite the earnings miss.
• Positive Sentiment: The company reported 3.8% year-over-year revenue growth, showing continued demand for its global satellite voice, data and PNT services.
• Neutral Sentiment: Iridium also noted progress on strategic initiatives and highlighted that the Rocket Lab acquisition is still on track for a mid-2027 closing, giving investors a longer-term deal backdrop.
• Negative Sentiment: Adjusted and reported earnings came in below expectations, with EPS of $0.09 in the release cited by several outlets versus the $0.26 consensus, which may be limiting upside in the stock.

Iridium Communications Company Profile

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.