Iridium Communications (NASDAQ:IRDM) Cut to Sell (D+) at Weiss Ratings

Weiss Ratings downgraded shares of Iridium Communications (NASDAQ:IRDM) from a hold (c-) rating to a sell (d+) rating in a research note published on Saturday morning,Weiss Ratings reports.

Other equities analysts have also recently issued research reports about the company. Barclays reduced their target price on Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. BWS Financial restated a “sell” rating and set a $16.00 target price on shares of Iridium Communications in a report on Friday. Morgan Stanley reduced their target price on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, August 1st. Finally, Raymond James Financial cut Iridium Communications from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $39.00 to $26.00 in a report on Thursday, September 11th. Six analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Price Performance

Shares of IRDM stock opened at $17.95 on Friday. The stock has a 50-day moving average price of $20.26 and a 200 day moving average price of $24.55. The company has a quick ratio of 1.93, a current ratio of 2.67 and a debt-to-equity ratio of 4.02. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 0.65 and a beta of 0.70. Iridium Communications has a 12 month low of $17.08 and a 12 month high of $34.45.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The firm had revenue of $226.94 million during the quarter, compared to analyst estimates of $222.13 million. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The company’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the company earned $0.21 earnings per share. Research analysts expect that Iridium Communications will post 0.89 EPS for the current year.

Hedge Funds Weigh In On Iridium Communications

Institutional investors have recently modified their holdings of the business. SVB Wealth LLC bought a new position in shares of Iridium Communications during the 1st quarter valued at about $30,000. SBI Securities Co. Ltd. raised its position in Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after buying an additional 476 shares during the last quarter. Cooksen Wealth LLC acquired a new stake in Iridium Communications in the 1st quarter valued at approximately $47,000. Johnson Financial Group Inc. acquired a new stake in Iridium Communications in the 2nd quarter valued at approximately $70,000. Finally, Carolina Wealth Advisors LLC acquired a new stake in Iridium Communications in the 2nd quarter valued at approximately $76,000. Institutional investors own 84.36% of the company’s stock.

About Iridium Communications

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.