Iridium Communications (NASDAQ:IRDM) PT Raised to $44.00

Iridium Communications (NASDAQ:IRDM - Get Free Report) had its price objective raised by equities researchers at Barclays from $42.00 to $44.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. Barclays's price objective suggests a potential upside of 40.26% from the stock's previous close.

Several other brokerages have also issued reports on IRDM. Raymond James cut their price target on Iridium Communications from $53.00 to $48.00 and set a "strong-buy" rating on the stock in a report on Friday, February 16th. BWS Financial reiterated a "neutral" rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday. William Blair lowered Iridium Communications from an "outperform" rating to a "market perform" rating in a report on Thursday, February 15th. Finally, TheStreet upgraded Iridium Communications from a "d+" rating to a "c-" rating in a report on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Iridium Communications has an average rating of "Moderate Buy" and a consensus price target of $44.75.

Iridium Communications Trading Up 5.7 %

Shares of Iridium Communications stock traded up $1.68 on Friday, hitting $31.37. 2,330,342 shares of the company's stock traded hands, compared to its average volume of 1,160,849. Iridium Communications has a one year low of $24.14 and a one year high of $65.69. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52. The company has a fifty day moving average of $27.28 and a two-hundred day moving average of $34.50. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 149.38 and a beta of 0.85.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a return on equity of 2.76% and a net margin of 3.20%. The company had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the prior year, the company earned $0.08 EPS. The firm's revenue for the quarter was down .7% compared to the same quarter last year. As a group, sell-side analysts expect that Iridium Communications will post 0.73 earnings per share for the current year.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. Northwest Financial Advisors purchased a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $41,000. Covestor Ltd increased its position in shares of Iridium Communications by 83.2% during the third quarter. Covestor Ltd now owns 1,006 shares of the technology company's stock valued at $46,000 after acquiring an additional 457 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Iridium Communications during the fourth quarter valued at approximately $60,000. Finally, Quarry LP increased its position in Iridium Communications by 691.4% in the fourth quarter. Quarry LP now owns 1,939 shares of the technology company's stock worth $80,000 after buying an additional 1,694 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other 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.