Iridium Communications Receives Average Recommendation of “Buy” from Brokerages (NASDAQ:IRDM)
Shares of Iridium Communications (NASDAQ:IRDM) have earned a consensus rating of “Buy” from the eight analysts that are presently covering the company, AnalystRatingsNetwork.com reports. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $8.82.
A number of research firms have recently commented on IRDM. 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.
Shares of Iridium Communications (NASDAQ:IRDM) opened at 8.33 on Friday. Iridium Communications has a 52 week low of $5.37 and a 52 week high of $8.93. The stock has a 50-day moving average of $8.25 and a 200-day moving average of $7.37. The company has a market cap of $775.5 million and a P/E ratio of 11.91.
Iridium Communications (NASDAQ:IRDM) last released its earnings data on Thursday, July 31st. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Analysts expect that Iridium Communications will post $0.63 EPS for the current fiscal year.
Iridium Communications Inc, is a provider of mobile voice and data communications services via satellite.
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