BidaskClub upgraded shares of Iridium Communications (NASDAQ:IRDM) from a buy rating to a strong-buy rating in a report released on Wednesday morning.

A number of other research firms also recently commented on IRDM. Raymond James set a $25.00 price objective on Iridium Communications and gave the stock a buy rating in a report on Friday, March 1st. Zacks Investment Research upgraded Iridium Communications from a hold rating to a buy rating and set a $24.00 price objective on the stock in a report on Saturday, March 2nd. Finally, Northland Securities restated a sell rating on shares of Iridium Communications in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $22.20.

Iridium Communications stock opened at $26.71 on Wednesday. The stock has a market capitalization of $2.96 billion, a PE ratio of -190.79 and a beta of 2.11. The company has a current ratio of 1.49, a quick ratio of 1.38 and a debt-to-equity ratio of 1.14. Iridium Communications has a 12 month low of $10.95 and a 12 month high of $27.29.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings data on Thursday, February 28th. The technology company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. The company had revenue of $132.20 million for the quarter, compared to the consensus estimate of $127.99 million. Iridium Communications had a negative return on equity of 0.29% and a negative net margin of 2.56%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $1.10 EPS. On average, equities analysts forecast that Iridium Communications will post -0.77 earnings per share for the current fiscal year.

In related news, COO S. Scott Smith sold 3,500 shares of the firm’s stock in a transaction dated Monday, December 24th. The stock was sold at an average price of $17.02, for a total transaction of $59,570.00. Following the sale, the chief operating officer now directly owns 219,967 shares in the company, valued at approximately $3,743,838.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 41,000 shares of company stock worth $802,335. Company insiders own 5.60% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Morgan Stanley raised its holdings in shares of Iridium Communications by 36.1% during the 3rd quarter. Morgan Stanley now owns 1,056,231 shares of the technology company’s stock valued at $23,765,000 after buying an additional 279,982 shares during the period. Nikko Asset Management Americas Inc. raised its holdings in shares of Iridium Communications by 195.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 7,496 shares of the technology company’s stock valued at $138,000 after buying an additional 4,957 shares during the period. Renaissance Technologies LLC increased its holdings in Iridium Communications by 67.5% during the 3rd quarter. Renaissance Technologies LLC now owns 1,739,900 shares of the technology company’s stock worth $39,148,000 after purchasing an additional 701,300 shares during the last quarter. Founders Capital Management purchased a new stake in Iridium Communications during the 4th quarter worth approximately $92,000. Finally, Chesapeake Wealth Management increased its holdings in Iridium Communications by 9.3% during the 4th quarter. Chesapeake Wealth Management now owns 27,817 shares of the technology company’s stock worth $513,000 after purchasing an additional 2,372 shares during the last quarter. Institutional investors and hedge funds own 84.93% of the company’s stock.

About Iridium Communications

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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