Iridium Communications (NASDAQ:IRDM) Cut to Hold at StockNews.com

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

Several other analysts have also issued reports on IRDM. Cantor Fitzgerald initiated coverage on Iridium Communications in a research note on Friday, January 24th. They issued an "overweight" rating and a $40.00 target price on the stock. BWS Financial dropped their price objective on shares of Iridium Communications from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. William Blair raised shares of Iridium Communications from a "market perform" rating to an "outperform" rating in a research report on Tuesday, April 22nd. Finally, Barclays cut 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Iridium Communications Stock Performance

IRDM stock traded up $1.10 during midday trading on Thursday, hitting $25.17. The company's stock had a trading volume of 1,117,109 shares, compared to its average volume of 1,131,952. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 1.28 and a beta of 0.74. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The stock's 50-day moving average price is $26.46 and its 200 day moving average price is $28.49. Iridium Communications has a 1 year low of $19.91 and a 1 year high of $35.85.

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

Institutional Investors Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in IRDM. Fifth Third Bancorp lifted its stake in Iridium Communications by 19.8% in the fourth quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company's stock worth $63,000 after purchasing an additional 357 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in Iridium Communications by 37.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company's stock valued at $48,000 after acquiring an additional 476 shares during the period. Pinnacle Holdings LLC grew its position in Iridium Communications by 45.4% during the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company's stock worth $44,000 after acquiring an additional 477 shares during the last quarter. IFM Investors Pty Ltd increased its stake in Iridium Communications by 3.7% in the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company's stock worth $366,000 after purchasing an additional 480 shares during the period. Finally, GAMMA Investing LLC lifted its position in Iridium Communications by 14.1% in the first quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company's stock valued at $108,000 after purchasing an additional 488 shares during the last quarter. 84.36% of the stock is currently 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.