Iridium Communications (NASDAQ:IRDM) Downgraded by StockNews.com to Hold

Iridium Communications (NASDAQ:IRDM) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other research firms have also recently commented on IRDM. Barclays dropped their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday. Cantor Fitzgerald initiated coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company.

Iridium Communications Price Performance

Shares of IRDM stock traded down $0.48 during mid-day trading on Thursday, reaching $26.87. The stock had a trading volume of 1,441,553 shares, compared to its average volume of 1,232,420. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $35.85. The company has a market cap of $2.92 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The business has a 50-day simple moving average of $29.68 and a 200 day simple moving average of $29.32. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. On average, sell-side analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current year.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently bought and sold shares of IRDM. Plato Investment Management Ltd purchased a new stake in Iridium Communications during the 4th quarter worth approximately $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $37,000. Pinnacle Holdings LLC increased its holdings in shares of Iridium Communications by 45.4% in the 4th quarter. Pinnacle Holdings LLC now owns 1,528 shares of the technology company’s stock valued at $44,000 after acquiring an additional 477 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Iridium Communications by 529.6% in the 4th quarter. Covestor Ltd now owns 2,512 shares of the technology company’s stock valued at $73,000 after acquiring an additional 2,113 shares during the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

About Iridium Communications

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.