Iridium Communications (NASDAQ:IRDM) Receives "Sell" Rating from BWS Financial

Key Points

• Iridium Communications has received a "sell" rating from BWS Financial, with a target price of $16.00, indicating a potential downside of 11.80% from the current stock price of $18.14.
• Other analysts have different views: Barclays and Morgan Stanley set higher price targets of $25.00 and $37.00, respectively, while Weiss Ratings reiterated a "hold" rating.
• The company reported a quarterly earnings per share of $0.35, exceeding estimates, and experienced a year-over-year revenue increase of 6.6% to $226.94 million.

Iridium Communications (NASDAQ:IRDM - Get Free Report)'s stock had its "sell" rating reaffirmed by analysts at BWS Financial in a report issued on Friday,Benzinga reports. They currently have a $16.00 target price on the technology company's stock. BWS Financial's price target would suggest a potential downside of 11.80% from the stock's current price.

Several other analysts also recently weighed in on IRDM. Barclays cut their price target on Iridium Communications from $31.00 to $25.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 1st. Morgan Stanley cut their target price on Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Iridium Communications in a research note on Wednesday, October 8th. Finally, Raymond James Financial downgraded Iridium Communications from a "strong-buy" rating to an "outperform" rating and cut their target price for the company from $39.00 to $26.00 in a research note on Thursday, September 11th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $29.67.

Iridium Communications Stock Down 0.3%

Shares of Iridium Communications stock traded down $0.05 during midday trading on Friday, hitting $18.14. The company had a trading volume of 3,036,803 shares, compared to its average volume of 1,795,929. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The stock has a market capitalization of $1.92 billion, a P/E ratio of 18.32, a P/E/G ratio of 0.72 and a beta of 0.70. The company has a 50 day moving average of $20.53 and a 200 day moving average of $24.62. Iridium Communications has a 52-week low of $17.08 and a 52-week high of $34.45.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. The company had revenue of $226.94 million for the quarter, compared to the consensus estimate of $222.13 million. Iridium Communications had a return on equity of 20.28% and a net margin of 13.20%.The firm's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.21 EPS. On average, equities analysts predict that Iridium Communications will post 0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quantinno Capital Management LP lifted its holdings in shares of Iridium Communications by 3.1% during the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company's stock valued at $459,000 after buying an additional 461 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Iridium Communications by 0.7% during the 2nd quarter. Intech Investment Management LLC now owns 66,921 shares of the technology company's stock valued at $2,019,000 after buying an additional 473 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after buying an additional 476 shares during the period. IFM Investors Pty Ltd lifted its holdings in shares of Iridium Communications by 3.7% during the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock valued at $366,000 after buying an additional 480 shares during the period. Finally, GAMMA Investing LLC lifted its position in Iridium Communications by 14.1% during the first quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after purchasing an additional 488 shares in the last quarter. 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.

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