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

Iridium Communications (NASDAQ:IRDM) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

A number of other brokerages also recently issued reports on IRDM. BWS Financial lowered their price target on Iridium Communications from $30.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Barclays decreased their target price on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. 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, Cantor Fitzgerald began coverage on shares of Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.33.

Iridium Communications Stock Up 0.0 %

Shares of IRDM stock opened at $24.13 on Thursday. The stock’s 50-day simple moving average is $26.73 and its 200-day simple moving average is $28.57. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm has a market capitalization of $2.61 billion, a PE ratio of 25.40, a P/E/G ratio of 1.28 and a beta of 0.66. Iridium Communications has a fifty-two week low of $19.91 and a fifty-two week high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Tuesday, April 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The firm had revenue of $214.88 million for the quarter, compared to analyst estimates of $211.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. During the same period last year, the company earned $0.17 earnings per share. Equities analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its position in Iridium Communications by 37.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,893,145 shares of the technology company’s stock worth $106,361,000 after buying an additional 1,064,093 shares during the period. Nikko Asset Management Americas Inc. grew its position in Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC grew its position in Iridium Communications by 5.7% during the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock worth $72,774,000 after buying an additional 134,924 shares during the period. Schroder Investment Management Group grew its position in shares of Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after purchasing an additional 683,777 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its position in shares of Iridium Communications by 37.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,088,053 shares of the technology company’s stock valued at $60,595,000 after purchasing an additional 567,164 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Company Profile

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.