Iridium Communications (NASDAQ:IRDM) Rating Lowered to Sell at BidaskClub

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BidaskClub lowered shares of Iridium Communications (NASDAQ:IRDM) from a hold rating to a sell rating in a research note published on Thursday morning, BidAskClub reports.

A number of other equities analysts have also weighed in on IRDM. Sidoti upgraded Iridium Communications from a neutral rating to a buy rating and set a $26.00 target price on the stock in a research note on Wednesday, October 9th. Barclays reiterated a buy rating and set a $32.00 target price on shares of Iridium Communications in a research note on Thursday, October 31st. BWS Financial set a $33.00 target price on Iridium Communications and gave the stock a buy rating in a research note on Tuesday, September 17th. Zacks Investment Research lowered Iridium Communications from a hold rating to a sell rating in a research note on Friday, November 1st. Finally, ValuEngine upgraded Iridium Communications from a buy rating to a strong-buy rating in a research note on Monday, November 25th. Three equities research analysts have rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Hold and an average target price of $27.17.

NASDAQ:IRDM opened at $23.30 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.91 and a debt-to-equity ratio of 1.05. The stock’s 50 day moving average price is $24.35 and its two-hundred day moving average price is $23.62. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of -166.43 and a beta of 2.08. Iridium Communications has a 12-month low of $16.64 and a 12-month high of $28.24.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Tuesday, October 29th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The business had revenue of $144.80 million during the quarter, compared to the consensus estimate of $142.05 million. Iridium Communications had a negative net margin of 11.15% and a negative return on equity of 3.91%. Iridium Communications’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.13) EPS. Equities research analysts expect that Iridium Communications will post -0.56 EPS for the current year.

In other news, EVP Bryan J. Hartin sold 112,816 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $25.37, for a total transaction of $2,862,141.92. Following the transaction, the executive vice president now owns 146,733 shares in the company, valued at $3,722,616.21. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven B. Pfeiffer sold 8,861 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $24.48, for a total value of $216,917.28. Following the sale, the director now directly owns 110,792 shares in the company, valued at approximately $2,712,188.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,677 shares of company stock worth $3,724,059. 5.00% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Executive Wealth Management LLC grew its position in Iridium Communications by 378.7% during the second quarter. Executive Wealth Management LLC now owns 1,795 shares of the technology company’s stock worth $42,000 after buying an additional 1,420 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Iridium Communications during the second quarter worth approximately $43,000. Oppenheimer Asset Management Inc. acquired a new stake in Iridium Communications during the third quarter worth approximately $55,000. Strs Ohio grew its position in Iridium Communications by 42.9% during the second quarter. Strs Ohio now owns 3,000 shares of the technology company’s stock worth $69,000 after buying an additional 900 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Iridium Communications during the second quarter worth approximately $103,000. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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Analyst Recommendations for Iridium Communications (NASDAQ:IRDM)

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