Iridium Communications Inc (IRDM) Receives Average Rating of “Buy” from Brokerages
Shares of Iridium Communications Inc (NASDAQ:IRDM) have received a consensus recommendation of “Buy” from the six analysts that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $13.00.
Several equities analysts recently issued reports on the company. Drexel Hamilton restated a “buy” rating and set a $14.00 price target on shares of Iridium Communications in a research report on Thursday, August 31st. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Wednesday, September 27th. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Finally, Wells Fargo & Company raised their price target on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research report on Friday, October 27th.
Iridium Communications (NASDAQ:IRDM) opened at $12.25 on Friday. The company has a current ratio of 2.78, a quick ratio of 2.67 and a debt-to-equity ratio of 1.17. Iridium Communications has a 1-year low of $7.80 and a 1-year high of $12.90. The firm has a market capitalization of $1,200.00, a PE ratio of 13.21, a P/E/G ratio of 2.92 and a beta of 1.74.
In other Iridium Communications news, Director A B. Krongard acquired 45,750 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were purchased at an average cost of $10.89 per share, for a total transaction of $498,217.50. Following the transaction, the director now owns 149,788 shares in the company, valued at $1,631,191.32. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 6.40% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Flinton Capital Management LLC grew its position in shares of Iridium Communications by 80.6% in the 2nd quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock worth $101,000 after buying an additional 4,060 shares during the last quarter. Thompson Davis & CO. Inc. bought a new stake in shares of Iridium Communications in the 2nd quarter worth approximately $102,000. PNC Financial Services Group Inc. grew its position in shares of Iridium Communications by 15.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock worth $109,000 after buying an additional 1,303 shares during the last quarter. Everence Capital Management Inc. bought a new stake in shares of Iridium Communications in the 2nd quarter worth approximately $116,000. Finally, QS Investors LLC grew its position in shares of Iridium Communications by 23,091.5% in the 2nd quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock worth $120,000 after buying an additional 10,853 shares during the last quarter.
About Iridium Communications
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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