Iridium Communications (NASDAQ:IRDM) Stock Rating Lowered by StockNews.com

Iridium Communications (NASDAQ:IRDM) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Saturday.

IRDM has been the subject of several other reports. Cantor Fitzgerald assumed coverage on Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th.

Iridium Communications Trading Down 6.6 %

IRDM opened at $27.54 on Friday. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $35.85. The firm has a market cap of $3.00 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The firm’s fifty day moving average is $29.52 and its two-hundred day moving average is $29.47.

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

Insider Buying and Selling at Iridium Communications

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This trade represents a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its stake in 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 buying an additional 357 shares during the last quarter. Pinnacle Holdings LLC increased its position in shares of Iridium Communications by 45.4% in the fourth 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. Two Sigma Advisers LP raised its holdings in Iridium Communications by 6.6% during the fourth quarter. Two Sigma Advisers LP now owns 8,100 shares of the technology company’s stock worth $235,000 after acquiring an additional 500 shares in the last quarter. EntryPoint Capital LLC boosted its position in Iridium Communications by 4.1% during the fourth quarter. EntryPoint Capital LLC now owns 15,330 shares of the technology company’s stock valued at $445,000 after purchasing an additional 600 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in Iridium Communications by 4.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 19,060 shares of the technology company’s stock valued at $553,000 after purchasing an additional 729 shares during the last quarter. Institutional investors and hedge funds 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.