Iridium Communications (NASDAQ:IRDM) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Iridium stock crossed above its 200-day moving average, trading as high as $26.42 and last at $26.30 versus a 200‑day MA of $19.47 (50‑day MA $22.37).
• Analyst coverage is mixed with an average rating of "Hold" and an average price target of $25.40; four Buys, two Holds and one Sell, while Morgan Stanley raised its target to $26 and BWS reiterated a $16 Sell.
• Fundamentals: Iridium reported EPS of $0.24 (vs. $0.23 consensus) but revenue missed at $212.9M (vs. $219.1M), and the company declared a $0.15 quarterly dividend (annualized $0.60, ~2.3% yield).

Iridium Communications Inc (NASDAQ:IRDM - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $19.47 and traded as high as $26.42. Iridium Communications shares last traded at $26.30, with a volume of 1,836,838 shares.

Wall Street Analysts Forecast Growth

Several analysts have commented on IRDM shares. BWS Financial reaffirmed a "sell" rating and set a $16.00 price objective on shares of Iridium Communications in a research note on Tuesday, February 17th. Morgan Stanley lifted their target price on Iridium Communications from $24.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 18th. Finally, Weiss Ratings raised Iridium Communications from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 10th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $25.40.

Iridium Communications Trading Up 3.5%

The company has a quick ratio of 1.82, a current ratio of 2.48 and a debt-to-equity ratio of 3.80. The company's fifty day moving average price is $22.37 and its two-hundred day moving average price is $19.47. The firm has a market cap of $2.76 billion, a PE ratio of 24.81, a P/E/G ratio of 1.72 and a beta of 0.60.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The firm had revenue of $212.94 million during the quarter, compared to analysts' expectations of $219.14 million. During the same period in the prior year, the company posted $0.32 earnings per share. The firm's revenue for the quarter was up .0% on a year-over-year basis. As a group, sell-side analysts forecast that Iridium Communications Inc will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, March 16th. Iridium Communications's dividend payout ratio (DPR) is currently 56.60%.

Institutional Trading of Iridium Communications

A number of institutional investors have recently modified their holdings of the business. Quantinno Capital Management LP lifted its holdings in Iridium Communications by 3.1% in the second quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company's stock valued at $459,000 after acquiring an additional 461 shares during the period. Empowered Funds LLC grew its stake in shares of Iridium Communications by 4.4% during the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company's stock worth $197,000 after purchasing an additional 478 shares during the period. Allworth Financial LP grew its stake in shares of Iridium Communications by 11.2% during the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company's stock worth $99,000 after purchasing an additional 572 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company's stock valued at $25,000 after purchasing an additional 741 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in shares of Iridium Communications by 36.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,053 shares of the technology company's stock valued at $54,000 after purchasing an additional 812 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company's unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium's core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.

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