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

Iridium Communications (NASDAQ:IRDM) had its price objective raised by investment analysts at Morgan Stanley from $24.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 10.50% from the stock’s previous close.

A number of other research firms have also recently commented on IRDM. BWS Financial restated a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research report on Tuesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Iridium Communications in a research note on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.40.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $23.53 on Wednesday. The stock has a 50-day moving average of $19.22 and a 200-day moving average of $19.50. Iridium Communications has a one year low of $15.65 and a one year high of $34.45. The stock has a market cap of $2.46 billion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 1.38 and a beta of 0.61. 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 (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $212.94 million during the quarter, compared to analysts’ expectations of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.32 earnings per share. As a group, sell-side analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of IRDM. Quantinno Capital Management LP lifted its stake in Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after acquiring an additional 461 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Iridium Communications by 0.7% in the second quarter. Intech Investment Management LLC now owns 66,921 shares of the technology company’s stock valued at $2,019,000 after purchasing an additional 473 shares during the last quarter. Allworth Financial LP lifted its position in shares of Iridium Communications by 11.2% in the fourth quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock worth $99,000 after purchasing an additional 572 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings 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 during the last quarter. Finally, Jones Financial Companies Lllp grew its position in Iridium Communications by 36.2% in the third quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company’s stock valued at $54,000 after purchasing an additional 812 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Company Profile

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.