BWS Financial Analysts Lower Earnings Estimates for Iridium Communications Inc. (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) – Research analysts at BWS Financial lowered their Q3 2023 earnings estimates for Iridium Communications in a report released on Monday, November 28th. BWS Financial analyst H. Khorsand now forecasts that the technology company will post earnings per share of $0.04 for the quarter, down from their previous estimate of $0.04. The consensus estimate for Iridium Communications’ current full-year earnings is $0.08 per share.

Several other research analysts have also commented on IRDM. Raymond James raised their price target on shares of Iridium Communications from $51.00 to $60.00 and gave the company a “strong-buy” rating in a report on Friday, October 21st. Barclays lowered shares of Iridium Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $48.00 to $45.00 in a report on Wednesday, October 19th. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a report on Friday, November 18th. Finally, Morgan Stanley raised their price target on shares of Iridium Communications from $50.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, October 17th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Iridium Communications presently has a consensus rating of “Buy” and an average price target of $53.25.

Iridium Communications Trading Up 3.1 %

NASDAQ IRDM opened at $53.10 on Thursday. Iridium Communications has a one year low of $31.73 and a one year high of $53.61. The company’s 50 day moving average price is $49.12 and its 200 day moving average price is $43.71. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.52 and a current ratio of 2.82. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 1,327.83 and a beta of 1.13.

Iridium Communications (NASDAQ:IRDM – Get Rating) last released its earnings results on Thursday, October 20th. The technology company reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. Iridium Communications had a net margin of 0.53% and a return on equity of 0.30%. The business had revenue of $184.04 million for the quarter, compared to analysts’ expectations of $180.91 million. During the same period last year, the company earned ($0.02) earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis.

Institutional Trading of Iridium Communications

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Iridium Communications by 0.6% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 40,129 shares of the technology company’s stock worth $1,781,000 after purchasing an additional 221 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Iridium Communications by 1.7% in the third quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock worth $603,000 after purchasing an additional 223 shares during the period. Telemus Capital LLC boosted its holdings in Iridium Communications by 4.4% in the third quarter. Telemus Capital LLC now owns 5,813 shares of the technology company’s stock worth $258,000 after purchasing an additional 247 shares during the period. Institute for Wealth Management LLC. boosted its holdings in Iridium Communications by 1.8% in the third quarter. Institute for Wealth Management LLC. now owns 14,312 shares of the technology company’s stock worth $635,000 after purchasing an additional 256 shares during the period. Finally, US Bancorp DE boosted its holdings in Iridium Communications by 4.3% in the third quarter. US Bancorp DE now owns 7,522 shares of the technology company’s stock worth $334,000 after purchasing an additional 311 shares during the period. Institutional investors own 85.69% of the company’s stock.

Insider Activity

In other news, Director Parker William Rush sold 27,363 shares of Iridium Communications stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total transaction of $1,422,876.00. Following the sale, the director now owns 190,044 shares in the company, valued at $9,882,288. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Parker William Rush sold 27,363 shares of Iridium Communications stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $52.00, for a total value of $1,422,876.00. Following the completion of the sale, the director now owns 190,044 shares in the company, valued at $9,882,288. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Timothy Kapalka sold 2,382 shares of Iridium Communications stock in a transaction on Monday, October 31st. The stock was sold at an average price of $51.25, for a total transaction of $122,077.50. Following the completion of the sale, the chief accounting officer now owns 19,896 shares of the company’s stock, valued at approximately $1,019,670. The disclosure for this sale can be found here. Insiders have sold 51,448 shares of company stock worth $2,667,224 over the last 90 days. Company insiders own 2.50% of the company’s stock.

About Iridium Communications

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Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.

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Earnings History and Estimates for Iridium Communications (NASDAQ:IRDM)

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