Iridium Communications (NASDAQ:IRDM – Get Free Report) announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 19th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
Iridium Communications Stock Performance
NASDAQ:IRDM traded up $1.20 during trading hours on Friday, reaching $29.08. The company had a trading volume of 915,971 shares, compared to its average volume of 1,058,836. The firm has a market cap of $3.53 billion, a PE ratio of 138.10 and a beta of 0.64. Iridium Communications has a 1-year low of $24.14 and a 1-year high of $48.71. The business’s 50 day moving average price is $27.01 and its 200-day moving average price is $27.51. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 1.52.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last issued its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The business had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. The company’s revenue was up 4.1% compared to the same quarter last year. Research analysts forecast that Iridium Communications will post 0.81 EPS for the current year.
Iridium Communications Dividend Announcement
Analysts Set New Price Targets
A number of brokerages recently weighed in on IRDM. BWS Financial reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays boosted their price objective on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.00.
Get Our Latest Analysis on Iridium Communications
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.
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