Iridium Communications (NASDAQ:IRDM) Stock Price Expected to Rise, Barclays Analyst Says

Iridium Communications (NASDAQ:IRDM) had its price objective upped by research analysts at Barclays from $25.00 to $36.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s price objective points to a potential upside of 3.99% from the stock’s previous close.

Other analysts also recently issued reports about the company. BWS Financial restated a “sell” rating and issued a $16.00 price target on shares of Iridium Communications in a research note on Tuesday, February 17th. Morgan Stanley lifted their price target on Iridium Communications from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 18th. Finally, Weiss Ratings upgraded Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 10th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $27.60.

Iridium Communications Stock Up 3.6%

Iridium Communications stock opened at $34.62 on Thursday. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $35.12. The company has a market cap of $3.63 billion, a PE ratio of 32.66, a price-to-earnings-growth ratio of 2.22 and a beta of 0.48. The stock’s 50 day moving average price is $24.77 and its 200 day moving average price is $20.39.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Iridium Communications had a return on equity of 24.01% and a net margin of 13.12%.The firm had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. During the same period in the previous year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was up .0% compared to the same quarter last year. On average, sell-side analysts predict that Iridium Communications will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 2,043 shares of the business’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $67,419.00. Following the sale, the chief accounting officer directly owned 45,721 shares in the company, valued at approximately $1,508,793. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.40% of the company’s stock.

Institutional Trading of Iridium Communications

Institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its position in Iridium Communications by 107.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock worth $25,000 after purchasing an additional 741 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Iridium Communications by 184.7% in the third quarter. Hantz Financial Services Inc. now owns 1,506 shares of the technology company’s stock valued at $26,000 after acquiring an additional 977 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Iridium Communications by 392.8% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the technology company’s stock valued at $26,000 after acquiring an additional 1,202 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Iridium Communications in the fourth quarter valued at $27,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Iridium Communications in the third quarter valued at $32,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

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.