In yesterday’s Wall Street session, Iridium Communications Inc. (NASDAQ:IRDM) shares traded at $50.58, down -15.64% from the previous session.
As of this writing, 6 analysts cover Iridium Communications Inc. (NASDAQ:IRDM). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $75.00 and a low of $61.00, we find $68.00. Given the previous closing price of $59.96, this indicates a potential upside of 13.41 percent. IRDM stock price is now -17.33% away from the 50-day moving average and -12.22% away from the 200-day moving average. The market capitalization of the company currently stands at $6.35B.
There are 2 analysts who have given it a hold rating, whereas 3 have given it a buy rating. Brokers who have rated the stock have averaged $68.40 as their price target over the next twelve months.
With the price target of $61, Deutsche Bank recently initiated with Hold rating for Iridium Communications Inc. (NASDAQ: IRDM).
In other news, Hartin Bryan J., EVP-Sales and Marketing sold 27,835 shares of the company’s stock on May 03. The stock was sold for $1,803,708 at an average price of $64.80. Upon completion of the transaction, the EVP-Sales and Marketing now directly owns 65,101 shares in the company, valued at $3.29 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 01, Director NIEHAUS ROBERT H sold 55,776 shares of the business’s stock. A total of $3,552,562 was realized by selling the stock at an average price of $63.69. This leaves the insider owning 246,874 shares of the company worth $12.49 million. Insiders disposed of 1,192,235 shares of company stock worth roughly $60.3 million over the past 1 year. A total of 1.50% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in IRDM stock. A new stake in Iridium Communications Inc. shares was purchased by BRAUN STACEY ASSOCIATES INC during the first quarter worth $22,165,000. WARATAH CAPITAL ADVISORS LTD. invested $16,247,000 in shares of IRDM during the first quarter. In the first quarter, ARROWMARK COLORADO HOLDINGS LLC acquired a new stake in Iridium Communications Inc. valued at approximately $9,799,000. SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC acquired a new stake in IRDM for approximately $9,303,000. ARROWSTREET CAPITAL, LIMITED PARTNERSHIP purchased a new stake in IRDM valued at around $8,073,000 in the second quarter.
Tuesday morning saw Iridium Communications Inc. (NASDAQ: IRDM) opened at $55.32. During the past 12 months, Iridium Communications Inc. has had a low of $39.11 and a high of $68.34. As of last week, the company has a debt-to-equity ratio of 1.37, a current ratio of 2.40, and a quick ratio of 2.10. The fifty day moving average price for IRDM is $60.94 and a two-hundred day moving average price translates $57.64 for the stock.
The latest earnings results from Iridium Communications Inc. (NASDAQ: IRDM) was released for Mar, 2023. According to the Telecom Services Company, earnings per share came in at $0.08, beating analysts’ expectations of $0 by 0.08. This compares to $0.02 EPS in the same period last year. The net profit margin was 2.10% and return on equity was 1.40% for IRDM. The company reported revenue of $205.27 million for the quarter, compared to $168.22 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 22.03 percent. For the current quarter, analysts expect IRDM to generate $198.42M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 06/30/2023. Investors who held shares on 06/15/2023 were paid a $0.13 dividend. On an annualized basis, this represents a $0.52 dividend and a 1.03% percent yield. There was an ex-dividend date of 06/14/2023 for this dividend. In terms of dividend payout ratio, IRDM is presently at 105.80%.
Iridium Communications Inc.(IRDM) 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. It also provides hosted payload and other data services, such as satellite time and location services; and inbound connections from the public switched telephone network, short message, subscriber identity module, activation, customer reactivation, and other peripheral services. In addition, the company offers voice and data solutions comprising personnel tracking devices; asset tracking devices for equipment, vehicles, and aircrafts; beyond-line-of-sight aircraft communications applications; maritime communications applications; specialized communications solutions for high-value individuals; mobile communications and data devices for the military and intelligence agencies, such as secure satellite handsets, as well as netted voice, messaging, and paging services; and maintenance services for the United States government’s dedicated gateway. Further, it provides satellite handsets, voice and data modems, broadband data devices, and IoT data devices; various accessories for its devices that include batteries, holsters, earbud headphones, portable auxiliary antennas, antenna adaptors, USB data cables, charging units, and others; and engineering and support services. Iridium Communications Inc. sells its products and services to commercial end users through a wholesale distribution network that include service providers, and value-added resellers and manufacturers. The company was formerly known as Iridium Holdings LLC and changed its name to Iridium Communications Inc. in September 2009. Iridium Communications Inc. is headquartered in McLean, Virginia.
