Iridium Communications (NASDAQ:IRDM) Upgraded at StockNews.com

Iridium Communications (NASDAQ:IRDM) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

Several other equities research analysts have also recently commented on the company. Barclays cut their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock.

Iridium Communications Trading Up 0.4 %

NASDAQ IRDM opened at $27.65 on Friday. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 29.11, a PEG ratio of 1.28 and a beta of 0.70. The stock’s 50 day moving average price is $29.40 and its two-hundred day moving average price is $29.39. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.15 by $0.16. The firm had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. As a group, analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IRDM. Norges Bank acquired a new position in shares of Iridium Communications during the 4th quarter worth approximately $28,240,000. American Century Companies Inc. increased its holdings in shares of Iridium Communications by 94.2% during the 4th quarter. American Century Companies Inc. now owns 1,735,842 shares of the technology company’s stock worth $50,374,000 after acquiring an additional 841,951 shares during the last quarter. Schroder Investment Management Group increased its holdings in shares of Iridium Communications by 44.7% during the 4th quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock worth $64,125,000 after acquiring an additional 683,777 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Iridium Communications in the 4th quarter valued at $17,613,000. Finally, ArrowMark Colorado Holdings LLC grew its holdings in Iridium Communications by 37.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock valued at $60,595,000 after buying an additional 567,164 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international 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.