Iridium Communications Inc. (NASDAQ:IRDM) to Post Q2 2023 Earnings of $0.01 Per Share, Zacks Research Forecasts

Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) – Equities researchers at Zacks Research issued their Q2 2023 EPS estimates for Iridium Communications in a research note issued to investors on Wednesday, May 3rd. Zacks Research analyst V. Doshi anticipates that the technology company will post earnings of $0.01 per share for the quarter. The consensus estimate for Iridium Communications’ current full-year earnings is $0.22 per share. Zacks Research also issued estimates for Iridium Communications’ Q3 2023 earnings at $0.02 EPS, Q4 2023 earnings at $0.02 EPS, FY2023 earnings at $0.13 EPS, Q1 2024 earnings at $0.00 EPS, Q2 2024 earnings at $0.01 EPS, Q3 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.01 EPS, FY2024 earnings at $0.04 EPS, Q1 2025 earnings at $0.01 EPS and FY2025 earnings at $0.04 EPS.

Several other equities research analysts also recently commented on IRDM. StockNews.com downgraded shares of Iridium Communications from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. BWS Financial boosted their target price on shares of Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 9th. Morgan Stanley boosted their target price on shares of Iridium Communications from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Friday, April 21st. Finally, Raymond James boosted their target price on shares of Iridium Communications from $71.00 to $76.00 and gave the company a “strong-buy” rating in a research note on Friday, April 21st. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Iridium Communications Stock Down 0.3 %

Shares of NASDAQ:IRDM opened at $64.11 on Monday. Iridium Communications has a 52 week low of $32.88 and a 52 week high of $68.34. The company has a debt-to-equity ratio of 1.35, a quick ratio of 2.08 and a current ratio of 2.40. The company’s fifty day moving average is $61.46 and its 200-day moving average is $56.98. The company has a market capitalization of $8.07 billion, a PE ratio of 493.19 and a beta of 1.10.

Iridium Communications (NASDAQ:IRDM – Get Rating) last posted its quarterly earnings results on Thursday, April 20th. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.10. Iridium Communications had a net margin of 2.07% and a return on equity of 1.38%. The firm had revenue of $205.27 million for the quarter, compared to the consensus estimate of $187.98 million. During the same quarter in the previous year, the company earned $0.02 earnings per share. The business’s revenue was up 22.0% compared to the same quarter last year.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. bought a new stake in Iridium Communications during the 1st quarter worth about $1,445,000. Illinois Municipal Retirement Fund bought a new stake in Iridium Communications during the 1st quarter worth about $858,000. Pinnacle Wealth Management Advisory Group LLC raised its holdings in Iridium Communications by 10.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,405 shares of the technology company’s stock worth $273,000 after purchasing an additional 405 shares during the last quarter. Barclays PLC raised its holdings in Iridium Communications by 84.3% during the 1st quarter. Barclays PLC now owns 105,174 shares of the technology company’s stock worth $6,514,000 after purchasing an additional 48,095 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in Iridium Communications by 45.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 84,850 shares of the technology company’s stock worth $5,255,000 after purchasing an additional 26,346 shares during the last quarter. 83.82% of the stock is owned by institutional investors.

Insider Activity at Iridium Communications

In related news, EVP Bryan J. Hartin sold 27,835 shares of Iridium Communications stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $64.80, for a total value of $1,803,708.00. Following the completion of the transaction, the executive vice president now directly owns 65,101 shares of the company’s stock, valued at $4,218,544.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Bryan J. Hartin sold 27,835 shares of Iridium Communications stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $64.80, for a total value of $1,803,708.00. Following the completion of the transaction, the executive vice president now directly owns 65,101 shares of the company’s stock, valued at $4,218,544.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas C. Canfield sold 10,036 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $61.03, for a total value of $612,497.08. Following the sale, the director now directly owns 190,587 shares of the company’s stock, valued at $11,631,524.61. The disclosure for this sale can be found here. Insiders sold 267,789 shares of company stock valued at $16,575,471 over the last ninety days. 2.10% of the stock is owned by insiders.

Iridium Communications Company Profile

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.