BWS Financial Reaffirms Neutral Rating for Iridium Communications (NASDAQ:IRDM)

Iridium Communications (NASDAQ:IRDM)‘s stock had its “neutral” rating reissued by equities researchers at BWS Financial in a report released on Monday, Benzinga reports. They presently have a $30.00 target price on the technology company’s stock. BWS Financial’s price target would indicate a potential upside of 3.84% from the stock’s previous close.

Separately, Barclays boosted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iridium Communications has an average rating of “Moderate Buy” and an average price target of $41.00.

Iridium Communications Stock Down 2.8 %

Shares of IRDM opened at $28.89 on Monday. The business’s 50 day moving average is $28.39 and its 200 day moving average is $28.06. The company has a market capitalization of $3.51 billion, a PE ratio of 137.57 and a beta of 0.65. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $41.66. The company has a current ratio of 2.25, a quick ratio of 1.52 and a debt-to-equity ratio of 2.08.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The company had revenue of $201.07 million for the quarter, compared to the consensus estimate of $204.01 million. During the same quarter last year, the company earned ($0.24) EPS. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. Research analysts expect that Iridium Communications will post 0.81 earnings per share for the current fiscal year.

Iridium Communications declared that its board has authorized a share buyback plan on Thursday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 14.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently made changes to their positions in IRDM. Allspring Global Investments Holdings LLC lifted its stake in Iridium Communications by 7,684.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock worth $27,000 after purchasing an additional 999 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Iridium Communications during the 1st quarter worth approximately $29,000. Mather Group LLC. purchased a new position in Iridium Communications during the 2nd quarter valued at $32,000. Blue Trust Inc. increased its stake in Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Iridium Communications during the second quarter valued at $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

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.