Iridium Communications (IRDM) Stock Rating Lowered by Zacks Investment Research

Iridium Communications (NASDAQ:IRDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, December 27th.

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. “

A number of other equities analysts have also commented on IRDM. TheStreet raised shares of Iridium Communications from a “c+” rating to a “b” rating in a research report on Friday, October 27th. BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Saturday, December 16th. Drexel Hamilton reaffirmed a “buy” rating and set a $14.00 target price on shares of Iridium Communications in a research report on Thursday, August 31st. Wells Fargo & Co raised their target price on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a research report on Friday, October 27th. Finally, ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Iridium Communications currently has an average rating of “Buy” and an average price target of $13.00.

Shares of Iridium Communications (NASDAQ:IRDM) opened at $12.15 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.78 and a quick ratio of 2.67. The stock has a market cap of $1,190.00, a PE ratio of 15.38, a price-to-earnings-growth ratio of 4.07 and a beta of 1.75. Iridium Communications has a 12 month low of $7.80 and a 12 month high of $12.90.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.05. The business had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 earnings per share. equities analysts forecast that Iridium Communications will post 0.83 EPS for the current year.

In other Iridium Communications news, Director A B. Krongard acquired 45,750 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average cost of $10.89 per share, with a total value of $498,217.50. Following the completion of the acquisition, the director now directly owns 149,788 shares in the company, valued at approximately $1,631,191.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.40% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Flinton Capital Management LLC increased its holdings in Iridium Communications by 80.6% during the second quarter. Flinton Capital Management LLC now owns 9,100 shares of the technology company’s stock valued at $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 holdings in Iridium Communications by 15.3% during 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 during the period. QS Investors LLC increased its holdings in Iridium Communications by 23,091.5% during the second quarter. QS Investors LLC now owns 10,900 shares of the technology company’s stock valued at $120,000 after buying an additional 10,853 shares during the period. Finally, Amalgamated Bank increased its holdings in Iridium Communications by 2.5% during the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock valued at $126,000 after buying an additional 284 shares during the period.

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About Iridium Communications

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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