Morgan Stanley Cuts Iridium Communications (NASDAQ:IRDM) Price Target to $37.00

Key Points

• Morgan Stanley has lowered the price target for Iridium Communications from $40.00 to $37.00, maintaining an "overweight" rating, indicating a potential upside of 51.16% from the previous close.
• Analysts' ratings vary, with a consensus of "Moderate Buy" and a target price of $34.33, while other firms like Oppenheimer and Barclays have also set different price targets for the stock.
• Iridium Communications reported $0.20 earnings per share, missing analyst expectations while showing a year-over-year revenue increase of 7.9% to $216.91 million.

Iridium Communications (NASDAQ:IRDM - Get Free Report) had its price target decreased by research analysts at Morgan Stanley from $40.00 to $37.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Morgan Stanley's price target would indicate a potential upside of 48.62% from the stock's current price.

Several other equities analysts have also weighed in on IRDM. BWS Financial cut their target price on Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen lowered Iridium Communications from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Barclays lowered their price target on Iridium Communications from $38.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Raymond James Financial restated a "strong-buy" rating and set a $39.00 price target (down from $47.00) on shares of Iridium Communications in a research note on Friday, July 25th. Finally, Oppenheimer started coverage on Iridium Communications in a research note on Monday, May 5th. They set an "outperform" rating and a $34.00 price target on the stock. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Iridium Communications presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Iridium Communications Stock Up 1.0%

IRDM traded up $0.24 during trading on Friday, reaching $24.90. 1,180,911 shares of the stock traded hands, compared to its average volume of 1,396,853. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 25.15, a price-to-earnings-growth ratio of 0.89 and a beta of 0.76. Iridium Communications has a fifty-two week low of $19.91 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 3.82, a current ratio of 2.51 and a quick ratio of 1.75. The stock's 50-day simple moving average is $28.77 and its two-hundred day simple moving average is $27.83.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Connable Office Inc. bought a new stake in shares of Iridium Communications during the 2nd quarter valued at $201,000. AdvisorShares Investments LLC raised its position in shares of Iridium Communications by 5.9% during the 2nd quarter. AdvisorShares Investments LLC now owns 15,460 shares of the technology company's stock valued at $466,000 after acquiring an additional 860 shares during the last quarter. Whalen Wealth Management Inc. bought a new stake in shares of Iridium Communications during the 2nd quarter valued at $201,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Iridium Communications by 107.7% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 168,794 shares of the technology company's stock valued at $5,093,000 after acquiring an additional 87,529 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Iridium Communications during the 2nd quarter valued at $407,000. 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.