Iridium Communications (NASDAQ:IRDM) Downgraded by StockNews.com to "Hold"

Iridium Communications (NASDAQ:IRDM - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Thursday.

Other equities research analysts have also issued research reports about the stock. BWS Financial decreased their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Cantor Fitzgerald assumed coverage on Iridium Communications in a research report on Friday, January 24th. They issued an "overweight" rating and a $40.00 price objective on the stock. William Blair raised Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Finally, Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.25.

Iridium Communications Stock Up 1.9 %

Shares of Iridium Communications stock traded up $0.48 during trading hours on Thursday, reaching $26.25. The company's stock had a trading volume of 1,356,960 shares, compared to its average volume of 1,137,728. The company has a market capitalization of $2.84 billion, a P/E ratio of 27.63, a P/E/G ratio of 1.28 and a beta of 0.74. The stock's fifty day simple moving average is $26.22 and its two-hundred day simple moving average is $28.39. Iridium Communications has a one year low of $19.91 and a one year high of $35.85. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.05. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $214.88 million during the quarter, compared to the consensus estimate of $211.78 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. On average, research analysts forecast that Iridium Communications will post 0.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IRDM. Plato Investment Management Ltd purchased a new position in shares of Iridium Communications in the fourth quarter valued at $32,000. SBI Securities Co. Ltd. bought a new position in shares of Iridium Communications in the fourth quarter valued at approximately $37,000. UMB Bank n.a. increased its holdings in Iridium Communications by 129.8% during the 1st quarter. UMB Bank n.a. now owns 1,379 shares of the technology company's stock worth $38,000 after acquiring an additional 779 shares during the period. Pinnacle Holdings LLC boosted its holdings in Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock valued at $44,000 after purchasing an additional 477 shares during the period. Finally, Cooksen Wealth LLC purchased a new position in shares of Iridium Communications during the 1st quarter valued at $47,000. 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.