Iridium Communications Given New $9.50 Price Target at Macquarie (IRDM)
Research analysts at Macquarie hoisted their target price on shares of Iridium Communications (NASDAQ:IRDM) from $8.50 to $9.50 in a report released on Tuesday. The firm currently has an “outperform” rating on the stock. Macquarie’s target price suggests a potential upside of 14.05% from the stock’s previous close.
Iridium Communications (NASDAQ:IRDM) traded up 0.72% on Tuesday, hitting $8.39. 158,534 shares of the company’s stock traded hands. Iridium Communications has a 52 week low of $5.37 and a 52 week high of $8.93. The stock’s 50-day moving average is $8.25 and its 200-day moving average is $7.37. The company has a market cap of $781.1 million and a P/E ratio of 12.04.
Iridium Communications (NASDAQ:IRDM) last announced its earnings results on Thursday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.04. The company had revenue of $102.50 million for the quarter, compared to the consensus estimate of $98.28 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, analysts predict that Iridium Communications will post $0.63 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at CRT Capital upgraded shares of Iridium Communications from a “fair value” rating to a “buy” rating in a research note on Friday. They now have a $11.00 price target on the stock, up previously from $8.00. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Iridium Communications in a research note on Thursday, June 12th. They set a “market perform” rating on the stock. Finally, analysts at Raymond James upgraded shares of Iridium Communications from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, May 20th. They now have a $10.00 price target on the stock, up previously from $7.21. Three research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. Iridium Communications has a consensus rating of “Buy” and an average price target of $8.98.
Iridium Communications Inc, is a provider of mobile voice and data communications services via satellite.
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