Iridium Communications (NASDAQ:IRDM) Shares Gap Down to $26.99

Iridium Communications Inc. (NASDAQ:IRDM) shares gapped down before the market opened on Wednesday . The stock had previously closed at $26.99, but opened at $26.41. Iridium Communications shares last traded at $26.68, with a volume of 27,491 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IRDM. Barclays lifted their price target on Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. BWS Financial reissued a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Iridium Communications Trading Down 2.0 %

The stock has a market capitalization of $3.21 billion, a P/E ratio of 128.52 and a beta of 0.65. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52. The firm’s 50 day moving average price is $26.75 and its 200 day moving average price is $28.17.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The company had revenue of $201.07 million during the quarter, compared to analysts’ expectations of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.24) EPS. As a group, equities research analysts expect that Iridium Communications Inc. will post 0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently modified their holdings of IRDM. Daiwa Securities Group Inc. raised its stake in shares of Iridium Communications by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 11,389 shares of the technology company’s stock worth $303,000 after buying an additional 462 shares during the period. Northwest Financial Advisors bought a new stake in Iridium Communications during the 4th quarter worth approximately $26,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Iridium Communications by 6.2% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 11,480 shares of the technology company’s stock valued at $306,000 after purchasing an additional 671 shares in the last quarter. State of Michigan Retirement System boosted its position in shares of Iridium Communications by 2.4% in the first quarter. State of Michigan Retirement System now owns 30,459 shares of the technology company’s stock worth $797,000 after purchasing an additional 700 shares during the period. Finally, Mcdonald Partners LLC increased its stake in shares of Iridium Communications by 4.1% in the second quarter. Mcdonald Partners LLC now owns 17,925 shares of the technology company’s stock worth $477,000 after purchasing an additional 700 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Company Profile

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.