Iridium Communications (NASDAQ:IRDM) Barclays Downgrades Rating

STA Research
by: STA Research
Iridium

Iridium Communications stock forecasts from 2 analysts, has the average target on Iridium stock at $54.50 over the next 12 months. Iridium Communications average consensus rating is listed as a Buy . Stock Target Advisor’s own stock analysis  of the stock is Slightly Bearish, based on 3 positive and 7 negative signals that were detected. The stock’s last closing price was at  $49.38.

The latest Crowd Analyst Rating is a Strong Buy, with a 12 month target forecast on the stock at $60 per share.

The latest analyst change came in a research note distributed to investors on Wednesday, when Barclays cut Iridium Communications (NASDAQ:IRDM) to a “Equal Weight” rating. The analyst has also lowered their previous price estimate of $48.00 to $45.00 for the technology company’s stock. According to Barclays’ price objective, the company’s current price might decrease by as much as 8.87%.

There have been several further research studies about IRDM. In a research note published on Monday, Morgan Stanley raised its price objective for Iridium Communications from $50.00 to $64.00 and assigned the firm a “overweight” rating. On Wednesday, October 12th, StockNews.com began covering Iridium Communications in a report. They gave the company a “buy” recommendation. One research analyst gave the stock a hold recommendation, four gave the stock a buy rating, and one gave the firm a strong buy rating. Iridium Communications presently has a consensus rating of “Buy” and an average target price of $52.80.

 

Latest Analyst Ratings for IRDM’s Stock:

Barclays Downgraded to Equal-Weight, cuts target tp $45 from $48.

Morgan Stanley maintains the Overweight rating, and boosts the target to $64 from $50.

The stock was upgraded by Raymond James Capital to a Strong-Buy, moved target up to $51 from 47.

 

The company last released information on its quarterly earnings. For the quarter, the technology company reported $0.04 EPS. Iridium Communications had a 0.05% negative net margin and 0.09% negative return on equity. Contrary to the consensus forecast of $166.46 million, the company’s revenue for the quarter was $174.90 million. The company generated $0.03 EPS in the same quarter last year. In comparison to the same quarter previous year, the company’s quarterly sales increased by 16.6%. Iridium Communications is anticipated to report 0.12 EPS for the current year, according to research experts.

Also, just recently, insider Kathleen A. Morgan sold 3,000 shares of the company’s stock. The stock was sold for a total of $144,000.00 at an average price of $48.00. Following the sale, the insider now owns 45,963 shares in the business, which are worth $2,206,224. The Securities & Exchange Commission’s website provides access to the filing in which the transaction was disclosed. In other news, on Thursday, October 6th, insider Kathleen A. Morgan sold 3,000 shares of the business’s stock. The shares were sold for a total of $144,000.00 at an average price of $48.00 per share. The insider now directly owns 45,963 shares of the business, worth $2,206,224, after the transaction. The Securities & Exchange Commission received information on the transaction in a document, which is accessible through this link. Additionally, on Monday, August 15th, insider Suzanne E. Mcbride sold 7,500 shares of the business’s stock. A total of $350,100.00 was spent on the sale of the stock, which was sold at an average price of $46.68. Following the transaction’s conclusion, the insider now directly owns 110,553 company shares, worth $5,160,614.04. You can read the disclosure for this sale here. Over the past quarter, insiders have sold 175,301 shares of company stock worth a total of $7,954,783. 2.50 % of the stock of the firm is held by insiders.

Hedge funds have recently changed how much of the stock they own. During the first quarter, CWM LLC boosted its stake in Iridium Communications by 95.0%. After purchasing an additional 360 shares during the most recent quarter, CWM LLC now owns 739 shares of the technology company’s stock, valued at $30,000. During the second quarter, SeaCrest Wealth Management LLC added a new $38,000 investment in Iridium Communications. During the second quarter, Fifth Third Bancorp boosted its stake in Iridium Communications by 107.8%. Fifth Third Bancorp purchased an additional 608 shares of the technology company’s stock during the most recent quarter, for a total acquisition of 1,172, valued at $44,000. During the second quarter, Counterpoint Mutual Funds LLC added a new $128,000 investment in Iridium Communications. And last, during the second quarter, Spire Wealth Management grew its holdings in Iridium Communications by 237.1%. Spire Wealth Management now owns 3,348 more shares of the technology company’s stock valued at $179,000 than it did three months ago. Hedge funds and institutional investors hold 85.69% of the stock.

 

 

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