Iridium Communications Inc (IRDM) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Iridium Communications Inc (NASDAQ:IRDM) from a hold rating to a sell rating in a research note released on Saturday.

According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “

A number of other equities analysts have also recently issued reports on IRDM. TheStreet cut shares of Iridium Communications from a b rating to a c+ rating in a research note on Thursday, August 17th. Wells Fargo & Company raised their price objective on shares of Iridium Communications from $9.75 to $12.00 and gave the company a market perform rating in a research note on Friday. Drexel Hamilton reiterated a buy rating and issued a $14.00 target price on shares of Iridium Communications in a report on Thursday, August 31st. BidaskClub upgraded shares of Iridium Communications from a hold rating to a buy rating in a report on Saturday, July 1st. Finally, ValuEngine upgraded shares of Iridium Communications from a buy rating to a strong-buy rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $12.33.

Iridium Communications (NASDAQ IRDM) opened at 12.15 on Friday. The firm has a 50 day moving average price of $10.79 and a 200 day moving average price of $10.58. The company has a market cap of $1.19 billion, a PE ratio of 12.99 and a beta of 1.72. Iridium Communications has a 12-month low of $7.50 and a 12-month high of $12.90.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The firm had revenue of $116.55 million for the quarter, compared to analysts’ expectations of $113.96 million. During the same period last year, the firm earned $0.26 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, analysts anticipate that Iridium Communications will post $0.82 earnings per share for the current fiscal year.

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In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total value of $1,418,850.00. Following the sale, the chief operating officer now directly owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Crossmark Global Holdings Inc. acquired a new stake in Iridium Communications in the third quarter worth $286,000. Dynamic Technology Lab Private Ltd acquired a new stake in Iridium Communications in the second quarter worth $217,000. Verition Fund Management LLC acquired a new stake in Iridium Communications in the second quarter worth $286,000. Piedmont Investment Advisors LLC acquired a new stake in Iridium Communications in the second quarter worth $195,000. Finally, Sterling Capital Management LLC raised its holdings in Iridium Communications by 9.5% in the second quarter. Sterling Capital Management LLC now owns 102,285 shares of the technology company’s stock worth $1,130,000 after purchasing an additional 8,913 shares during the period.

About Iridium Communications

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

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