Iridium Communications (NASDAQ:IRDM) Earns “Sell” Rating from BWS Financial

Iridium Communications (NASDAQ:IRDM)‘s stock had its “sell” rating restated by equities researchers at BWS Financial in a research report issued on Tuesday,Benzinga reports. They currently have a $16.00 target price on the technology company’s stock. BWS Financial’s price target points to a potential downside of 30.65% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Iridium Communications in a report on Thursday, January 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $24.00 target price (down from $37.00) on shares of Iridium Communications in a research report on Friday, January 16th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Iridium Communications currently has an average rating of “Hold” and an average price target of $25.40.

Iridium Communications Stock Down 2.0%

Shares of NASDAQ:IRDM opened at $23.07 on Tuesday. The company has a market capitalization of $2.42 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 1.57 and a beta of 0.61. Iridium Communications has a 1 year low of $15.65 and a 1 year high of $33.34. The company has a debt-to-equity ratio of 3.80, a current ratio of 2.48 and a quick ratio of 1.82. The business has a fifty day moving average price of $19.30 and a two-hundred day moving average price of $19.53.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. Iridium Communications had a net margin of 13.12% and a return on equity of 24.01%. The company had revenue of $212.94 million during the quarter, compared to analyst estimates of $219.14 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. The firm’s revenue for the quarter was up .0% on a year-over-year basis. Analysts forecast that Iridium Communications will post 0.89 earnings per share for the current year.

Institutional Trading of Iridium Communications

Several institutional investors and hedge funds have recently bought and sold shares of the company. Synergy Asset Management LLC boosted its holdings in shares of Iridium Communications by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 1,324,366 shares of the technology company’s stock worth $23,123,000 after purchasing an additional 662,183 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its position in Iridium Communications by 2,459.5% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 345,226 shares of the technology company’s stock worth $6,028,000 after buying an additional 331,738 shares during the last quarter. Brookwood Investment Group LLC purchased a new stake in Iridium Communications in the second quarter worth approximately $1,165,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Iridium Communications during the second quarter valued at approximately $1,693,000. Finally, Oak Thistle LLC purchased a new position in shares of Iridium Communications during the third quarter worth approximately $1,074,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.