Research Analysts Set Expectations for Iridium Communications Inc.’s Q2 2022 Earnings (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDMGet Rating) – BWS Financial upped their Q2 2022 earnings per share estimates for shares of Iridium Communications in a research note issued to investors on Wednesday, April 20th. BWS Financial analyst H. Khorsand now expects that the technology company will earn $0.01 per share for the quarter, up from their prior estimate of ($0.01). BWS Financial also issued estimates for Iridium Communications’ Q3 2022 earnings at $0.03 EPS, Q4 2022 earnings at $0.06 EPS and FY2022 earnings at $0.13 EPS.

Iridium Communications (NASDAQ:IRDMGet Rating) last released its quarterly earnings results on Tuesday, April 19th. The technology company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $168.20 million for the quarter, compared to analysts’ expectations of $156.83 million. Iridium Communications had a negative return on equity of 0.70% and a negative net margin of 1.52%. The company’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) EPS.

A number of other equities analysts also recently issued reports on IRDM. Sidoti raised shares of Iridium Communications from a “neutral” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Thursday, January 27th. Barclays upgraded Iridium Communications from an “equal weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research report on Monday, February 21st. Raymond James upgraded Iridium Communications from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $47.00 to $51.00 in a research report on Friday, February 18th. Zacks Investment Research raised Iridium Communications from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research note on Thursday. Finally, Morgan Stanley dropped their price target on Iridium Communications from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Friday, February 11th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Iridium Communications presently has an average rating of “Buy” and an average price target of $49.67.

Shares of IRDM stock opened at $38.58 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.63 and a current ratio of 3.90. The company has a market capitalization of $4.94 billion, a P/E ratio of -551.06 and a beta of 1.15. Iridium Communications has a fifty-two week low of $31.73 and a fifty-two week high of $48.95. The stock has a 50 day moving average price of $39.49 and a two-hundred day moving average price of $39.23.

Several hedge funds and other institutional investors have recently modified their holdings of IRDM. Byrne Asset Management LLC purchased a new position in Iridium Communications during the 4th quarter worth $29,000. CWM LLC grew its holdings in Iridium Communications by 95.0% in the first quarter. CWM LLC now owns 739 shares of the technology company’s stock valued at $30,000 after purchasing an additional 360 shares during the last quarter. Fifth Third Bancorp grew its stake in Iridium Communications by 82.9% in the 4th quarter. Fifth Third Bancorp now owns 1,101 shares of the technology company’s stock valued at $45,000 after acquiring an additional 499 shares during the last quarter. Concord Wealth Partners grew its position in shares of Iridium Communications by 392.2% in the fourth quarter. Concord Wealth Partners now owns 1,206 shares of the technology company’s stock valued at $50,000 after purchasing an additional 961 shares during the last quarter. Finally, Founders Capital Management increased its position in Iridium Communications by 12.0% during the fourth quarter. Founders Capital Management now owns 2,800 shares of the technology company’s stock worth $116,000 after buying an additional 300 shares in the last quarter. 95.89% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Henrik O. Schliemann sold 3,000 shares of the business’s stock in a transaction on Friday, February 25th. The stock was sold at an average price of $38.95, for a total value of $116,850.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven B. Pfeiffer sold 3,002 shares of the stock in a transaction dated Tuesday, March 8th. The stock was sold at an average price of $39.60, for a total transaction of $118,879.20. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

Iridium Communications declared that its Board of Directors has authorized a stock buyback plan on Monday, March 7th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Iridium Communications Company Profile (Get Rating)

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.

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