William Blair Analysts Lift Earnings Estimates for Iridium Communications Inc. (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDMGet Rating) – Equities researchers at William Blair boosted their Q2 2022 earnings per share (EPS) estimates for shares of Iridium Communications in a report released on Tuesday, April 19th. William Blair analyst L. Dipalma now anticipates that the technology company will post earnings of ($0.01) per share for the quarter, up from their previous forecast of ($0.02). William Blair also issued estimates for Iridium Communications’ Q3 2022 earnings at $0.04 EPS, Q4 2022 earnings at $0.04 EPS, FY2022 earnings at $0.03 EPS and FY2023 earnings at $0.24 EPS.

A number of other brokerages have also weighed in on IRDM. Morgan Stanley lowered their target price on Iridium Communications from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Friday, February 11th. Raymond James upgraded Iridium Communications from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $47.00 to $51.00 in a research note on Friday, February 18th. StockNews.com initiated coverage on Iridium Communications in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Sidoti upgraded Iridium Communications from a “neutral” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Thursday, January 27th. Finally, Barclays raised Iridium Communications from an “equal weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research report on Monday, February 21st. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Iridium Communications presently has an average rating of “Buy” and a consensus price target of $49.67.

NASDAQ:IRDM opened at $37.39 on Friday. The company has a quick ratio of 3.63, a current ratio of 3.90 and a debt-to-equity ratio of 1.23. The stock’s 50 day moving average price is $39.55 and its two-hundred day moving average price is $39.22. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of -534.07 and a beta of 1.15. Iridium Communications has a 12-month low of $31.73 and a 12-month high of $48.95.

Iridium Communications (NASDAQ:IRDMGet Rating) last released its earnings results on Tuesday, April 19th. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. Iridium Communications had a negative return on equity of 0.70% and a negative net margin of 1.52%. The business had revenue of $168.20 million for the quarter, compared to analyst estimates of $156.83 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Iridium Communications’s revenue was up 14.8% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Xponance Inc. raised its stake in Iridium Communications by 1.5% during the third quarter. Xponance Inc. now owns 19,004 shares of the technology company’s stock worth $757,000 after buying an additional 289 shares during the last quarter. Riggs Asset Managment Co. Inc. increased its stake in Iridium Communications by 0.4% in the third quarter. Riggs Asset Managment Co. Inc. now owns 65,794 shares of the technology company’s stock valued at $2,622,000 after purchasing an additional 290 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Iridium Communications by 0.9% in the fourth quarter. Louisiana State Employees Retirement System now owns 34,000 shares of the technology company’s stock valued at $1,404,000 after purchasing an additional 300 shares in the last quarter. Founders Capital Management increased its stake in Iridium Communications by 12.0% in the fourth quarter. Founders Capital Management now owns 2,800 shares of the technology company’s stock valued at $116,000 after purchasing an additional 300 shares in the last quarter. Finally, Telemus Capital LLC increased its stake in Iridium Communications by 5.3% in the first quarter. Telemus Capital LLC now owns 5,949 shares of the technology company’s stock valued at $240,000 after purchasing an additional 302 shares in the last quarter. 95.89% of the stock is owned by institutional investors and hedge funds.

In other news, Director Henrik O. Schliemann sold 3,000 shares of Iridium Communications stock in a transaction on Friday, February 25th. The shares were sold at an average price of $38.95, for a total transaction of $116,850.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven B. Pfeiffer sold 3,002 shares of Iridium Communications stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $39.60, for a total transaction of $118,879.20. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Iridium Communications announced that its board has authorized a stock repurchase plan on Monday, March 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Iridium Communications Company Profile (Get Rating)

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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