Brokerages Expect Iridium Communications Inc (IRDM) Will Post Earnings of -$0.23 Per Share

Equities research analysts expect Iridium Communications Inc (NASDAQ:IRDM) to report earnings of ($0.23) per share for the current quarter, Zacks reports. Four analysts have provided estimates for Iridium Communications’ earnings, with the highest EPS estimate coming in at ($0.14) and the lowest estimate coming in at ($0.40). Iridium Communications posted earnings per share of $0.07 during the same quarter last year, which would suggest a negative year-over-year growth rate of 428.6%. The company is scheduled to issue its next quarterly earnings report on Thursday, April 25th.

According to Zacks, analysts expect that Iridium Communications will report full year earnings of ($0.77) per share for the current financial year, with EPS estimates ranging from ($1.26) to ($0.50). For the next year, analysts anticipate that the firm will report earnings of $0.07 per share. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that cover Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.07. Iridium Communications had a negative net margin of 2.56% and a negative return on equity of 0.29%. The company had revenue of $132.20 million during the quarter, compared to analysts’ expectations of $127.99 million. During the same period in the prior year, the company earned $1.10 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year.

A number of research firms have issued reports on IRDM. Northland Securities restated a “sell” rating and set a $14.00 price target on shares of Iridium Communications in a report on Wednesday, March 20th. BidaskClub upgraded shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 20th. Zacks Investment Research cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Finally, Raymond James set a $25.00 price objective on shares of Iridium Communications and gave the company a “buy” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. Iridium Communications presently has an average rating of “Buy” and a consensus price target of $22.20.

IRDM stock traded down $0.04 during mid-day trading on Friday, reaching $26.44. 1,170,530 shares of the stock traded hands, compared to its average volume of 1,272,902. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.49 and a quick ratio of 1.38. Iridium Communications has a 52 week low of $10.95 and a 52 week high of $27.62. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of -188.86 and a beta of 2.11.

In related news, COO S. Scott Smith sold 3,500 shares of the stock in a transaction dated Monday, December 31st. The shares were sold at an average price of $18.81, for a total value of $65,835.00. Following the completion of the transaction, the chief operating officer now owns 219,967 shares of the company’s stock, valued at $4,137,579.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 37,500 shares of company stock valued at $742,765 in the last ninety days. 5.60% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Iridium Communications by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 1,084,230 shares of the technology company’s stock worth $20,004,000 after purchasing an additional 81,757 shares in the last quarter. Norges Bank bought a new stake in Iridium Communications during the fourth quarter worth about $12,249,000. FMR LLC grew its stake in Iridium Communications by 200.2% during the fourth quarter. FMR LLC now owns 3,673,682 shares of the technology company’s stock worth $67,779,000 after buying an additional 2,450,078 shares during the last quarter. Millennium Management LLC bought a new stake in Iridium Communications during the fourth quarter worth about $520,000. Finally, Cetera Advisor Networks LLC grew its stake in Iridium Communications by 1.1% during the fourth quarter. Cetera Advisor Networks LLC now owns 81,730 shares of the technology company’s stock worth $1,511,000 after buying an additional 908 shares during the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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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