Iridium Communications' (IRDM) Hold (C-) Rating Reaffirmed at Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed a "hold (C-)" rating for Iridium Communications (IRDM), while several analysts have adjusted their price targets, indicating a generally cautious outlook on the stock.
• Iridium Communications reported earnings of $0.20 per share in its last quarter, missing analysts' expectations, though revenue increased by 7.9% year-over-year.
• The stock has experienced significant price target revisions from various analysts, with current consensus predicting an average price target of $29.67.

Iridium Communications (NASDAQ:IRDM - Get Free Report)'s stock had its "hold (c-)" rating reissued by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Raymond James Financial cut Iridium Communications from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the stock from $39.00 to $26.00 in a research note on Thursday, September 11th. Barclays lowered their target price on Iridium Communications from $31.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday, October 1st. Finally, BWS Financial lowered Iridium Communications from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $25.00 to $16.00 in a research report on Tuesday, September 9th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.67.

Iridium Communications Price Performance

IRDM stock opened at $19.75 on Wednesday. The stock has a 50-day moving average price of $21.74 and a two-hundred day moving average price of $25.25. Iridium Communications has a 12-month low of $17.08 and a 12-month high of $35.85. The company has a current ratio of 2.51, a quick ratio of 1.75 and a debt-to-equity ratio of 3.82. The company has a market cap of $2.10 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 0.71 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.03). Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The firm had revenue of $216.91 million for the quarter, compared to analysts' expectations of $214.73 million. During the same period last year, the firm posted $0.27 EPS. Iridium Communications's revenue was up 7.9% on a year-over-year basis. As a group, research analysts predict that Iridium Communications will post 0.89 EPS for the current year.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently bought and sold shares of the company. SVB Wealth LLC bought a new position in Iridium Communications during the 1st quarter worth approximately $30,000. UMB Bank n.a. raised its position in shares of Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock valued at $38,000 after acquiring an additional 779 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in Iridium Communications by 37.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock worth $48,000 after purchasing an additional 476 shares during the last quarter. Cooksen Wealth LLC acquired a new position in Iridium Communications in the first quarter worth $47,000. Finally, Johnson Financial Group Inc. bought a new stake in Iridium Communications during the second quarter valued at $70,000. 84.36% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.