Iridium Communications Inc (NASDAQ:IRDM) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $13.00.
Several equities analysts have issued reports on IRDM shares. ValuEngine lowered Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Friday, February 23rd. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Tuesday, December 26th. Finally, BidaskClub raised Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday, December 29th.
Hedge funds have recently modified their holdings of the business. Elkfork Partners LLC purchased a new position in shares of Iridium Communications during the fourth quarter worth about $108,000. Jane Street Group LLC purchased a new position in shares of Iridium Communications during the fourth quarter worth about $129,000. Trexquant Investment LP purchased a new position in shares of Iridium Communications during the third quarter worth about $191,000. Stevens Capital Management LP purchased a new position in shares of Iridium Communications during the third quarter worth about $232,000. Finally, Alps Advisors Inc. purchased a new position in shares of Iridium Communications during the fourth quarter worth about $257,000. 99.96% of the stock is currently owned by institutional investors.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 22nd. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.24). The firm had revenue of $115.50 million for the quarter, compared to analysts’ expectations of $111.71 million. Iridium Communications had a return on equity of 7.21% and a net margin of 52.19%. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 EPS. research analysts forecast that Iridium Communications will post 0.07 EPS for the current fiscal year.
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Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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