Iridium Communications (IRDM) Scheduled to Post Earnings on Thursday

Posted by Defense World Staff on Apr 13th, 2023

Iridium Communications (NASDAQ:IRDM – Get Rating) is scheduled to release its earnings data before the market opens on Thursday, April 20th. Analysts expect Iridium Communications to post earnings of ($0.02) per share for the quarter. Individual that are interested in participating in the company’s earnings conference call can do so using this link.

Iridium Communications (NASDAQ:IRDM – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The technology company reported ($0.01) earnings per share (EPS) for the quarter. Iridium Communications had a return on equity of 0.75% and a net margin of 1.21%. The business had revenue of $193.80 million for the quarter, compared to the consensus estimate of $172.52 million. During the same period in the prior year, the business posted ($0.04) earnings per share. Iridium Communications’s revenue was up 24.3% on a year-over-year basis. On average, analysts expect Iridium Communications to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Iridium Communications Price Performance

Shares of IRDM stock opened at $59.36 on Thursday. Iridium Communications has a 52-week low of $32.88 and a 52-week high of $65.41. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.88 and a current ratio of 2.16. The firm has a market capitalization of $7.51 billion, a P/E ratio of 848.12 and a beta of 1.10. The stock has a 50 day moving average price of $60.52 and a 200 day moving average price of $54.98.

Insider Buying and Selling at Iridium Communications

In other Iridium Communications news, CEO Matthew J. Desch sold 100,058 shares of Iridium Communications stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $62.82, for a total transaction of $6,285,643.56. Following the completion of the sale, the chief executive officer now directly owns 612,067 shares of the company’s stock, valued at approximately $38,450,048.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Matthew J. Desch sold 100,058 shares of Iridium Communications stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $62.82, for a total value of $6,285,643.56. Following the transaction, the chief executive officer now directly owns 612,067 shares in the company, valued at approximately $38,450,048.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kathleen A. Morgan sold 5,069 shares of Iridium Communications stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $63.15, for a total value of $320,107.35. Following the completion of the transaction, the insider now owns 34,587 shares in the company, valued at $2,184,169.05. The disclosure for this sale can be found here. Insiders sold a total of 231,825 shares of company stock valued at $14,235,168 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James Trust N.A. increased its holdings in shares of Iridium Communications by 16.6% in the 1st quarter. Raymond James Trust N.A. now owns 9,943 shares of the technology company’s stock valued at $401,000 after acquiring an additional 1,417 shares during the period. Marshall Wace LLP purchased a new position in shares of Iridium Communications in the 4th quarter valued at $387,000. Engineers Gate Manager LP purchased a new position in shares of Iridium Communications in the 1st quarter valued at $361,000. Captrust Financial Advisors grew its stake in Iridium Communications by 15.0% during the 2nd quarter. Captrust Financial Advisors now owns 8,612 shares of the technology company’s stock worth $323,000 after buying an additional 1,125 shares during the last quarter. Finally, Creative Planning grew its stake in Iridium Communications by 3.9% during the 2nd quarter. Creative Planning now owns 8,468 shares of the technology company’s stock worth $318,000 after buying an additional 320 shares during the last quarter. 83.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. BWS Financial raised their price target on Iridium Communications from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, January 9th. Raymond James raised their price target on Iridium Communications from $60.00 to $71.00 and gave the stock a “strong-buy” rating in a research note on Friday, February 17th. Finally, StockNews.com assumed coverage on Iridium Communications in a research note on Thursday, March 16th. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.75.

About Iridium Communications

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.