Iridium Communications Inc (NASDAQ:IRDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

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. “

Separately, BidaskClub upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $12.00.

Shares of Iridium Communications (NASDAQ:IRDM) traded down 0.50% during mid-day trading on Tuesday, reaching $9.90. The company had a trading volume of 857,579 shares. The firm has a market capitalization of $966.92 million, a price-to-earnings ratio of 10.65 and a beta of 1.71. Iridium Communications has a one year low of $6.80 and a one year high of $11.57. The stock has a 50 day moving average of $10.87 and a 200-day moving average of $10.06.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. The business had revenue of $111.60 million for the quarter, compared to analyst estimates of $109.18 million. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. Iridium Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 earnings per share. Equities analysts predict that Iridium Communications will post $0.78 EPS for the current year.

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A number of institutional investors have recently added to or reduced their stakes in IRDM. BlackRock Inc. raised its position in Iridium Communications by 67,429.0% in the first quarter. BlackRock Inc. now owns 12,644,812 shares of the technology company’s stock valued at $122,024,000 after buying an additional 12,626,087 shares during the last quarter. Gamco Investors INC. ET AL raised its position in Iridium Communications by 837.8% in the first quarter. Gamco Investors INC. ET AL now owns 662,951 shares of the technology company’s stock valued at $6,397,000 after buying an additional 592,258 shares during the last quarter. Pinnacle Associates Ltd. raised its position in Iridium Communications by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 2,713,968 shares of the technology company’s stock valued at $26,190,000 after buying an additional 498,165 shares during the last quarter. Vanguard Group Inc. raised its position in Iridium Communications by 4.8% in the first quarter. Vanguard Group Inc. now owns 10,000,166 shares of the technology company’s stock valued at $96,501,000 after buying an additional 457,168 shares during the last quarter. Finally, James Investment Research Inc. purchased a new position in Iridium Communications during the first quarter valued at about $2,859,000.

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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