Iridium Communications Inc (NASDAQ:IRDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, August 1st.
According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “
Separately, BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $12.00.
Iridium Communications (NASDAQ:IRDM) traded up 0.50% during mid-day trading on Tuesday, hitting $10.05. 433,512 shares of the company traded hands. Iridium Communications has a one year low of $6.80 and a one year high of $11.58. The firm has a market capitalization of $981.56 million, a P/E ratio of 10.75 and a beta of 1.69. The firm has a 50 day moving average of $10.52 and a 200 day moving average of $10.05.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The company had revenue of $111.60 million for the quarter, compared to the consensus estimate of $109.18 million. During the same quarter in the prior year, the company earned $0.22 EPS. Iridium Communications’s quarterly revenue was up 2.2% on a year-over-year basis. Equities research analysts expect that Iridium Communications will post $0.80 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Flinton Capital Management LLC raised its position in shares of Iridium Communications by 80.6% in the second quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock worth $101,000 after buying an additional 4,060 shares during the period. Thompson Davis & CO. Inc. purchased a new position in Iridium Communications during the second quarter valued at approximately $102,000. PNC Financial Services Group Inc. increased its position in Iridium Communications by 15.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after buying an additional 1,303 shares in the last quarter. Trexquant Investment LP purchased a new position in Iridium Communications during the first quarter valued at approximately $115,000. Finally, Everence Capital Management Inc. purchased a new position in Iridium Communications during the second quarter valued at approximately $116,000.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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