Iridium Communications (NASDAQ:IRDM) Lowered to "Outperform" Rating by Raymond James Financial

Key Points

• Iridium Communications has been downgraded from a "strong-buy" to an "outperform" rating by Raymond James Financial, with a price target of $26.00, indicating a potential upside of 44.77% from its current stock price.
• Other brokerages have also adjusted their price targets for Iridium Communications, with Morgan Stanley lowering its target from $40.00 to $37.00 and BWS Financial decreasing its target from $25.00 to $16.00.
• The company's stock has recently dropped by 6.4%, and it reported earnings of $0.20 per share, missing analysts' expectations of $0.23, despite a year-over-year revenue increase of 7.9%.

Iridium Communications (NASDAQ:IRDM - Get Free Report) was downgraded by stock analysts at Raymond James Financial from a "strong-buy" rating to an "outperform" rating in a report released on Thursday,Finviz reports. They currently have a $26.00 price objective on the technology company's stock. Raymond James Financial's price objective suggests a potential upside of 44.77% from the stock's current price.

A number of other brokerages also recently issued reports on IRDM. 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 note on Friday, August 1st. BWS Financial downgraded shares of Iridium Communications from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $25.00 to $16.00 in a research note on Tuesday. Finally, Barclays reduced their price objective on shares of Iridium Communications from $38.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.67.

Iridium Communications Stock Down 6.4%

Shares of Iridium Communications stock opened at $17.96 on Thursday. Iridium Communications has a 52-week low of $17.94 and a 52-week high of $35.85. The company has a 50 day moving average of $26.50 and a 200 day moving average of $26.79. The company has a quick ratio of 1.75, a current ratio of 2.51 and a debt-to-equity ratio of 3.82. The company has a market capitalization of $1.91 billion, a P/E ratio of 18.14, a P/E/G ratio of 0.70 and a beta of 0.78.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued 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 return on equity of 20.28% and a net margin of 13.20%.The firm had revenue of $216.91 million during the quarter, compared to analysts' expectations of $214.73 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The firm's revenue was up 7.9% compared to the same quarter last year. As a group, research analysts forecast that Iridium Communications will post 0.89 EPS for the current fiscal year.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently bought and sold shares of IRDM. Lazard Asset Management LLC raised its position in Iridium Communications by 196.3% in the 4th quarter. Lazard Asset Management LLC now owns 56,164 shares of the technology company's stock valued at $1,629,000 after purchasing an additional 37,206 shares during the last quarter. Nuveen Asset Management LLC raised its position in Iridium Communications by 1.8% in the 4th quarter. Nuveen Asset Management LLC now owns 590,023 shares of the technology company's stock valued at $17,122,000 after purchasing an additional 10,226 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in Iridium Communications in the 4th quarter valued at $438,000. Quantinno Capital Management LP increased its stake in Iridium Communications by 24.3% in the 4th quarter. Quantinno Capital Management LP now owns 11,867 shares of the technology company's stock valued at $344,000 after buying an additional 2,319 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in Iridium Communications in the 4th quarter valued at $1,143,000. Hedge funds and other institutional investors own 84.36% of the company's stock.

Iridium Communications Company Profile

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.

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