Q2 2024 Earnings Estimate for Iridium Communications Inc. Issued By BWS Financial (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM - Free Report) - Equities research analysts at BWS Financial reduced their Q2 2024 EPS estimates for Iridium Communications in a research note issued to investors on Monday, April 22nd. BWS Financial analyst H. Khorsand now forecasts that the technology company will post earnings of $0.21 per share for the quarter, down from their prior estimate of $0.22. BWS Financial has a "Neutral" rating and a $30.00 price target on the stock. The consensus estimate for Iridium Communications' current full-year earnings is $0.74 per share. BWS Financial also issued estimates for Iridium Communications' Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.20 EPS and FY2024 earnings at $0.80 EPS.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last issued its earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company had revenue of $203.80 million for the quarter, compared to the consensus estimate of $193.84 million. During the same period in the previous year, the firm earned $0.08 earnings per share. Iridium Communications's quarterly revenue was down .7% compared to the same quarter last year.

A number of other equities research analysts have also issued reports on the stock. Barclays reduced their target price on shares of Iridium Communications from $45.00 to $42.00 and set an "overweight" rating on the stock in a report on Friday, February 23rd. TheStreet raised shares of Iridium Communications from a "d+" rating to a "c-" rating in a research report on Thursday, February 15th. William Blair downgraded shares of Iridium Communications from an "outperform" rating to a "market perform" rating in a research report on Thursday, February 15th. Finally, Raymond James dropped their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a "strong-buy" rating on the stock in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iridium Communications presently has an average rating of "Moderate Buy" and an average target price of $44.25.

Iridium Communications Trading Up 1.9 %

Shares of Iridium Communications stock traded up $0.54 on Wednesday, reaching $29.28. The company had a trading volume of 1,909,238 shares, compared to its average volume of 1,137,118. The firm's 50 day moving average price is $27.41 and its two-hundred day moving average price is $34.57. The firm has a market cap of $3.56 billion, a PE ratio of 139.43 and a beta of 0.85. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $66.15. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northwest Financial Advisors purchased a new position in Iridium Communications during the 4th quarter worth $26,000. Allspring Global Investments Holdings LLC purchased a new position in Iridium Communications during the 4th quarter worth $41,000. Covestor Ltd grew its position in Iridium Communications by 83.2% during the 3rd quarter. Covestor Ltd now owns 1,006 shares of the technology company's stock worth $46,000 after purchasing an additional 457 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Iridium Communications in the 4th quarter worth $60,000. Finally, Quarry LP lifted its stake in shares of Iridium Communications by 691.4% in the 4th quarter. Quarry LP now owns 1,939 shares of the technology company's stock worth $80,000 after acquiring an additional 1,694 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.78%. The ex-dividend date was Thursday, March 14th. Iridium Communications's payout ratio is currently 247.62%.

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.