Zacks: Analysts Anticipate Iridium Communications Inc. (NASDAQ:IRDM) Will Announce Quarterly Sales of $152.33 Million

Analysts expect Iridium Communications Inc. (NASDAQ:IRDM) to report $152.33 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Iridium Communications’ earnings, with the lowest sales estimate coming in at $149.60 million and the highest estimate coming in at $155.08 million. Iridium Communications posted sales of $146.51 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4%. The business is scheduled to announce its next earnings report on Thursday, February 10th.

On average, analysts expect that Iridium Communications will report full-year sales of $610.50 million for the current year, with estimates ranging from $608.21 million to $613.69 million. For the next fiscal year, analysts anticipate that the company will post sales of $654.53 million, with estimates ranging from $642.75 million to $672.32 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Monday, October 18th. The technology company reported ($0.02) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.02). The business had revenue of $162.20 million during the quarter, compared to analyst estimates of $153.76 million. Iridium Communications had a negative net margin of 1.88% and a negative return on equity of 0.84%. The company’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share.

IRDM has been the subject of a number of research reports. BWS Financial upgraded shares of Iridium Communications from a “neutral” rating to a “buy” rating and upped their target price for the stock from $37.00 to $60.00 in a research report on Wednesday, October 20th. Raymond James upped their target price on shares of Iridium Communications from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 20th. Zacks Investment Research lowered shares of Iridium Communications from a “hold” rating to a “sell” rating and set a $45.00 target price for the company. in a research report on Thursday, October 21st. Finally, Morgan Stanley assumed coverage on shares of Iridium Communications in a research report on Tuesday, August 3rd. They set an “overweight” rating and a $50.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $48.40.

Shares of NASDAQ:IRDM traded up $0.11 during midday trading on Thursday, reaching $39.28. 438,275 shares of the company were exchanged, compared to its average volume of 1,020,817. The company has a current ratio of 4.20, a quick ratio of 3.95 and a debt-to-equity ratio of 1.20. The business’s fifty day moving average is $40.90 and its two-hundred day moving average is $40.64. Iridium Communications has a one year low of $32.00 and a one year high of $54.65. The stock has a market cap of $5.19 billion, a PE ratio of -436.44 and a beta of 1.10.

In related news, VP Timothy Kapalka sold 2,112 shares of the company’s stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $48.00, for a total transaction of $101,376.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.50% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in IRDM. ARK Investment Management LLC increased its stake in Iridium Communications by 31.3% in the 2nd quarter. ARK Investment Management LLC now owns 13,592,982 shares of the technology company’s stock worth $543,583,000 after buying an additional 3,237,835 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Iridium Communications by 67.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,457,962 shares of the technology company’s stock worth $178,274,000 after buying an additional 1,791,324 shares during the period. Nikko Asset Management Americas Inc. increased its stake in Iridium Communications by 65.9% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,463,818 shares of the technology company’s stock worth $178,553,000 after buying an additional 1,772,489 shares during the period. Goldman Sachs Group Inc. increased its stake in Iridium Communications by 99.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,864,957 shares of the technology company’s stock worth $74,579,000 after buying an additional 929,173 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Iridium Communications by 1,145.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 786,898 shares of the technology company’s stock worth $32,460,000 after buying an additional 723,723 shares during the period. 94.28% of the stock is currently owned by institutional investors and hedge funds.

About Iridium Communications

Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s principal lines of business include Land Mobile, Maritime, Aviation, IoT Data Services, Hosted Payloads and Other Data Services, and Government.

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

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