Iridium Communications (NASDAQ:IRDM) Earns “Sell” Rating from BWS Financial

Iridium Communications (NASDAQ:IRDM)‘s stock had its “sell” rating reiterated by analysts at BWS Financial in a research note issued on Wednesday,Benzinga reports. They currently have a $16.00 price target on the technology company’s stock. BWS Financial’s price target would indicate a potential downside of 63.14% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of Iridium Communications from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, March 10th. Morgan Stanley upped their price objective on Iridium Communications from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 18th. Finally, Barclays upped their price objective on Iridium Communications from $25.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.60.

Iridium Communications Price Performance

Iridium Communications stock opened at $43.41 on Wednesday. The company’s 50 day simple moving average is $26.83 and its 200-day simple moving average is $21.18. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 40.95, a price-to-earnings-growth ratio of 2.57 and a beta of 0.48. Iridium Communications has a 1 year low of $15.65 and a 1 year high of $43.47. The company has a debt-to-equity ratio of 3.80, a quick ratio of 1.82 and a current ratio of 2.48.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $212.94 million for the quarter, compared to the consensus estimate of $219.14 million. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The business’s revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. As a group, equities research analysts expect that Iridium Communications will post 0.89 earnings per share for the current year.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total transaction of $117,490.00. Following the completion of the transaction, the chief accounting officer owned 47,764 shares in the company, valued at $1,480,684. The trade was a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRDM. Millennium Management LLC grew its holdings in Iridium Communications by 265.8% during the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after acquiring an additional 2,208,857 shares in the last quarter. Gotham Asset Management LLC grew its holdings in Iridium Communications by 651.1% during the 4th quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock worth $40,143,000 after acquiring an additional 2,002,232 shares in the last quarter. Man Group plc grew its holdings in Iridium Communications by 226.3% during the 3rd quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock worth $35,131,000 after acquiring an additional 1,395,485 shares in the last quarter. ARK Investment Management LLC grew its holdings in Iridium Communications by 21.7% during the 3rd quarter. ARK Investment Management LLC now owns 6,490,108 shares of the technology company’s stock worth $113,317,000 after acquiring an additional 1,156,580 shares in the last quarter. Finally, Silver Heights Capital Management Inc grew its holdings in Iridium Communications by 22.7% during the 3rd quarter. Silver Heights Capital Management Inc now owns 5,189,703 shares of the technology company’s stock worth $90,612,000 after acquiring an additional 961,440 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.