Q4 2022 EPS Estimates for Iridium Communications Inc. (NASDAQ:IRDM) Raised by Analyst

Iridium Communications Inc. (NASDAQ:IRDMGet Rating) – Investment analysts at William Blair lifted their Q4 2022 earnings estimates for Iridium Communications in a research report issued to clients and investors on Wednesday, July 27th. William Blair analyst L. Dipalma now expects that the technology company will post earnings per share of $0.05 for the quarter, up from their prior estimate of $0.04. The consensus estimate for Iridium Communications’ current full-year earnings is $0.09 per share. William Blair also issued estimates for Iridium Communications’ FY2023 earnings at $0.29 EPS.

Iridium Communications (NASDAQ:IRDMGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The technology company reported $0.04 earnings per share (EPS) for the quarter. Iridium Communications had a negative net margin of 0.21% and a negative return on equity of 0.10%. The company had revenue of $174.90 million for the quarter, compared to the consensus estimate of $166.46 million. During the same quarter last year, the firm posted $0.03 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year.

Several other equities analysts also recently weighed in on IRDM. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, May 24th. Morgan Stanley reaffirmed a “maintains” rating on shares of Iridium Communications in a report on Wednesday. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $50.00.

Iridium Communications Price Performance

Shares of NASDAQ:IRDM opened at $44.36 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.67 and a quick ratio of 3.38. Iridium Communications has a 1-year low of $31.73 and a 1-year high of $48.95. The company has a market capitalization of $5.68 billion, a P/E ratio of -4,436.00 and a beta of 1.12. The firm’s 50 day simple moving average is $37.90 and its two-hundred day simple moving average is $37.67.

Institutional Investors Weigh In On Iridium Communications

Institutional investors and hedge funds have recently modified their holdings of the stock. Versor Investments LP raised its position in shares of Iridium Communications by 45.2% during the first quarter. Versor Investments LP now owns 13,539 shares of the technology company’s stock valued at $546,000 after buying an additional 4,217 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Iridium Communications by 3.2% during the fourth quarter. New York State Common Retirement Fund now owns 86,190 shares of the technology company’s stock valued at $3,559,000 after buying an additional 2,686 shares during the last quarter. Teacher Retirement System of Texas increased its position in Iridium Communications by 10.2% in the fourth quarter. Teacher Retirement System of Texas now owns 23,064 shares of the technology company’s stock worth $952,000 after purchasing an additional 2,135 shares during the last quarter. Select Equity Group L.P. increased its position in Iridium Communications by 12.5% in the fourth quarter. Select Equity Group L.P. now owns 1,208,248 shares of the technology company’s stock worth $49,889,000 after purchasing an additional 134,545 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Iridium Communications by 358.9% in the first quarter. Assenagon Asset Management S.A. now owns 70,574 shares of the technology company’s stock worth $2,846,000 after purchasing an additional 55,195 shares during the last quarter. Institutional investors own 97.98% of the company’s stock.

Iridium Communications announced that its Board of Directors has authorized a stock repurchase program on Tuesday, April 19th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

About Iridium Communications

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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.

Further Reading

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