Iridium Communications Inc (NASDAQ:IRDM - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $19.66, but opened at $17.83. Iridium Communications shares last traded at $18.17, with a volume of 1,325,466 shares changing hands.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on the stock. Barclays decreased their price objective on shares of Iridium Communications from $31.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, October 1st. Raymond James Financial downgraded shares of Iridium Communications from a "strong-buy" rating to an "outperform" rating and decreased their price objective for the company from $39.00 to $26.00 in a report on Thursday, September 11th. BWS Financial downgraded shares of Iridium Communications from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $25.00 to $16.00 in a report on Tuesday, September 9th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Iridium Communications in a report on Wednesday, October 8th. Finally, Morgan Stanley decreased their price objective on shares of Iridium Communications from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $29.67.
Check Out Our Latest Research Report on IRDM
Iridium Communications Trading Down 4.5%
The company's 50 day moving average price is $20.67 and its two-hundred day moving average price is $24.65. 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 has a market capitalization of $1.99 billion, a PE ratio of 18.96, a P/E/G ratio of 0.69 and a beta of 0.70.
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. Iridium Communications had a net margin of 13.20% and a return on equity of 20.28%. The company's revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 EPS. As a group, analysts expect that Iridium Communications Inc will post 0.89 earnings per share for the current year.
Institutional Investors Weigh In On Iridium Communications
Several hedge funds and other institutional investors have recently bought and sold shares of the company. New Century Financial Group LLC acquired a new stake in Iridium Communications during the third quarter worth about $989,000. Synergy Asset Management LLC increased its position in Iridium Communications by 100.0% during the third quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company's stock worth $23,123,000 after purchasing an additional 662,183 shares during the last quarter. Pacer Advisors Inc. increased its position in Iridium Communications by 74.5% during the third quarter. Pacer Advisors Inc. now owns 1,744,095 shares of the technology company's stock worth $30,452,000 after purchasing an additional 744,836 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Iridium Communications during the third quarter worth about $1,162,000. Finally, Carolina Wealth Advisors LLC increased its position in Iridium Communications by 8,072.3% during the third quarter. Carolina Wealth Advisors LLC now owns 205,534 shares of the technology company's stock worth $3,589,000 after purchasing an additional 203,019 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.
About Iridium Communications
(
Get Free Report)
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.
Further Reading
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