Iridium Communications (NASDAQ:IRDM) Now Covered by Oppenheimer

Equities research analysts at Oppenheimer began coverage on shares of Iridium Communications (NASDAQ:IRDM - Get Free Report) in a research report issued on Monday, MarketBeat.com reports. The brokerage set an "outperform" rating and a $34.00 price target on the technology company's stock. Oppenheimer's price objective points to a potential upside of 30.59% from the company's previous close.

A number of other analysts have also commented on IRDM. BWS Financial decreased their price objective on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. StockNews.com downgraded shares of Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an "overweight" rating and a $40.00 price objective on the stock. William Blair upgraded shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Finally, Barclays reduced their price target 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. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.25.

Iridium Communications Price Performance

Shares of IRDM traded down $0.28 during trading hours on Monday, reaching $26.04. The company had a trading volume of 1,013,711 shares, compared to its average volume of 1,139,936. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. Iridium Communications has a 12-month low of $19.91 and a 12-month high of $35.85. The firm has a 50 day simple moving average of $26.01 and a 200-day simple moving average of $28.35. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 27.41, a PEG ratio of 1.28 and a beta of 0.74.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same quarter in the previous year, the company earned $0.17 EPS. Research analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently bought and sold shares of the business. Barclays PLC lifted its holdings in shares of Iridium Communications by 19.2% during the 3rd quarter. Barclays PLC now owns 856,901 shares of the technology company's stock valued at $26,093,000 after acquiring an additional 137,924 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Iridium Communications by 18.0% during the third quarter. Franklin Resources Inc. now owns 143,049 shares of the technology company's stock worth $4,296,000 after purchasing an additional 21,857 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Iridium Communications by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company's stock worth $101,000 after buying an additional 1,074 shares during the period. Nordea Investment Management AB grew its stake in shares of Iridium Communications by 30.2% in the fourth quarter. Nordea Investment Management AB now owns 248,602 shares of the technology company's stock valued at $7,264,000 after buying an additional 57,690 shares in the last quarter. Finally, Ballentine Partners LLC raised its holdings in shares of Iridium Communications by 6.8% during the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company's stock valued at $340,000 after buying an additional 750 shares during the period. 84.36% of the stock is currently owned by hedge funds and other 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.