Iridium Communications (NASDAQ:IRDM) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Iridium Communications (NASDAQ:IRDMGet Rating) from a hold rating to a buy rating in a research note published on Friday morning.

Other equities analysts have also issued reports about the company. Sidoti upgraded Iridium Communications from a neutral rating to a buy rating and set a $44.00 target price for the company in a research report on Thursday, January 27th. Zacks Investment Research upgraded Iridium Communications from a hold rating to a strong-buy rating and set a $48.00 target price for the company in a research report on Thursday, April 21st. Barclays upgraded Iridium Communications from an equal weight rating to an overweight rating and set a $47.00 target price 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 boosted their target price for the stock from $47.00 to $51.00 in a research report on Friday, February 18th. Finally, Morgan Stanley decreased their target price on Iridium Communications from $50.00 to $48.00 and set an overweight rating for the company in a research report on Friday, February 11th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $49.67.

Shares of IRDM stock opened at $34.59 on Friday. The stock has a 50-day moving average price of $38.84 and a 200 day moving average price of $38.82. The company has a current ratio of 3.67, a quick ratio of 3.38 and a debt-to-equity ratio of 1.32. Iridium Communications has a 12 month low of $31.73 and a 12 month high of $48.95.

Iridium Communications (NASDAQ:IRDMGet Rating) last announced its quarterly earnings data on Tuesday, April 19th. The technology company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $168.20 million during the quarter, compared to analyst estimates of $156.83 million. Iridium Communications had a negative return on equity of 0.10% and a negative net margin of 0.21%. The company’s revenue was up 14.8% on a year-over-year basis. During the same period last year, the company earned ($0.04) earnings per share. Equities analysts forecast that Iridium Communications will post 0.07 EPS for the current fiscal year.

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

In other Iridium Communications news, Director Henrik O. Schliemann sold 3,000 shares of the business’s stock in a transaction that occurred 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 legal filing with the SEC, which is available at this hyperlink. Also, Director Steven B. Pfeiffer sold 3,002 shares of the business’s stock in a transaction that occurred on Tuesday, March 8th. The shares were sold at an average price of $39.60, for a total value of $118,879.20. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRDM. Renaissance Technologies LLC increased its position in shares of Iridium Communications by 174.7% during the 1st quarter. Renaissance Technologies LLC now owns 688,699 shares of the technology company’s stock worth $27,768,000 after purchasing an additional 438,000 shares during the last quarter. Ancora Advisors LLC increased its position in shares of Iridium Communications by 78.8% during the 1st quarter. Ancora Advisors LLC now owns 134,705 shares of the technology company’s stock worth $5,556,000 after purchasing an additional 59,354 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Iridium Communications by 11.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,175,726 shares of the technology company’s stock worth $47,406,000 after purchasing an additional 116,250 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Iridium Communications by 6.0% during the 1st quarter. Clearbridge Investments LLC now owns 1,972,967 shares of the technology company’s stock worth $79,550,000 after acquiring an additional 111,529 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Iridium Communications by 48.3% during the 1st quarter. Prudential Financial Inc. now owns 22,569 shares of the technology company’s stock worth $910,000 after acquiring an additional 7,352 shares during the last quarter. Hedge funds and other institutional investors own 97.98% of the company’s stock.

About Iridium Communications (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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Analyst Recommendations for Iridium Communications (NASDAQ:IRDM)

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