Iridium Communications (IRDM) Downgraded by Raymond James

Raymond James lowered shares of Iridium Communications (NASDAQ:IRDM) from a strong-buy rating to an outperform rating in a report published on Wednesday, April 24th, BenzingaRatingsTable reports. Raymond James currently has $30.00 target price on the technology company’s stock, up from their previous target price of $25.00.

A number of other analysts have also recently commented on IRDM. BidaskClub cut Iridium Communications from a strong-buy rating to a buy rating in a research report on Thursday, April 18th. Northland Securities restated a sell rating and issued a $14.00 price objective on shares of Iridium Communications in a research report on Wednesday, March 20th. Finally, Zacks Investment Research cut Iridium Communications from a buy rating to a hold rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Hold and a consensus price target of $23.50.

IRDM traded down $0.54 on Wednesday, hitting $24.00. The company had a trading volume of 620,519 shares, compared to its average volume of 1,005,615. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.05 and a quick ratio of 0.96. The firm has a market capitalization of $2.83 billion, a PE ratio of -171.43 and a beta of 2.11. Iridium Communications has a 12-month low of $11.50 and a 12-month high of $28.24.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, April 23rd. The technology company reported ($0.18) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.05. Iridium Communications had a negative return on equity of 2.14% and a negative net margin of 7.98%. The company had revenue of $133.70 million during the quarter, compared to the consensus estimate of $128.54 million. During the same period in the previous year, the company posted ($0.07) earnings per share. Iridium Communications’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, sell-side analysts expect that Iridium Communications will post -0.66 EPS for the current year.

In related news, EVP Bryan J. Hartin sold 103,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $27.13, for a total transaction of $2,794,390.00. Following the completion of the sale, the executive vice president now directly owns 192,562 shares in the company, valued at $5,224,207.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director S. Scott Smith sold 3,500 shares of the company’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $21.00, for a total value of $73,500.00. Following the completion of the sale, the director now owns 219,967 shares of the company’s stock, valued at $4,619,307. The disclosure for this sale can be found here. Insiders have sold 440,789 shares of company stock valued at $11,889,754 over the last quarter. 5.00% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of IRDM. FMR LLC grew its holdings in Iridium Communications by 200.2% in the 4th quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock valued at $67,779,000 after buying an additional 2,450,078 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new position in shares of Iridium Communications in the 4th quarter valued at $37,000. Norges Bank acquired a new position in Iridium Communications during the 4th quarter worth about $12,249,000. Dimensional Fund Advisors LP lifted its stake in Iridium Communications by 9.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,849,133 shares of the technology company’s stock worth $107,919,000 after acquiring an additional 517,624 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Iridium Communications by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,864,499 shares of the technology company’s stock worth $75,737,000 after acquiring an additional 330,200 shares in the last quarter. Institutional investors own 85.08% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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