BidaskClub Downgrades Iridium Communications (IRDM) to Hold

Iridium Communications (NASDAQ:IRDM) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other research firms have also recently weighed in on IRDM. TheStreet raised Iridium Communications from a “c+” rating to a “b” rating in a report on Friday, October 27th. Wells Fargo & Company upped their price target on Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a report on Friday, October 27th. ValuEngine raised Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Zacks Investment Research cut Iridium Communications from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $12.33.

Iridium Communications (NASDAQ IRDM) opened at $11.23 on Friday. The firm has a market capitalization of $1,100.00, a PE ratio of 12.20, a P/E/G ratio of 2.70 and a beta of 1.74. Iridium Communications has a fifty-two week low of $7.80 and a fifty-two week high of $12.90. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. The company had revenue of $116.55 million during the quarter, compared to analysts’ expectations of $113.96 million. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. Iridium Communications’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 EPS. analysts forecast that Iridium Communications will post 0.83 earnings per share for the current fiscal year.

In other news, Director A B. Krongard bought 45,750 shares of Iridium Communications stock in a transaction on Thursday, November 9th. The stock was acquired at an average price of $10.89 per share, with a total value of $498,217.50. Following the completion of the acquisition, the director now directly owns 149,788 shares of the company’s stock, valued at $1,631,191.32. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.40% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the business. Amalgamated Bank raised its holdings in shares of Iridium Communications by 2.5% during the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock valued at $126,000 after acquiring an additional 284 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Iridium Communications by 1.7% during the second quarter. Arizona State Retirement System now owns 42,634 shares of the technology company’s stock valued at $471,000 after acquiring an additional 700 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Iridium Communications by 15.3% during the second quarter. PNC Financial Services Group Inc. now owns 9,799 shares of the technology company’s stock valued at $109,000 after acquiring an additional 1,303 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Iridium Communications by 0.8% during the second quarter. Rhumbline Advisers now owns 164,291 shares of the technology company’s stock valued at $1,815,000 after acquiring an additional 1,320 shares during the last quarter. Finally, Texas Permanent School Fund increased its holdings in shares of Iridium Communications by 2.4% in the second quarter. Texas Permanent School Fund now owns 59,729 shares of the technology company’s stock valued at $660,000 after purchasing an additional 1,404 shares during the last quarter.

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Iridium Communications Company Profile

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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