Equities Analysts Offer Predictions for Iridium Communications Inc.’s Q2 2024 Earnings (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Equities researchers at William Blair raised their Q2 2024 EPS estimates for Iridium Communications in a research note issued to investors on Thursday, April 18th. William Blair analyst L. Dipalma now expects that the technology company will earn $0.16 per share for the quarter, up from their previous estimate of $0.13. William Blair has a “Market Perform” rating on the stock. The consensus estimate for Iridium Communications’ current full-year earnings is $0.72 per share. William Blair also issued estimates for Iridium Communications’ Q3 2024 earnings at $0.20 EPS and Q4 2024 earnings at $0.20 EPS.

IRDM has been the subject of a number of other research reports. BWS Financial reiterated a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Monday. TheStreet upgraded shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Barclays decreased their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Finally, Raymond James decreased their price objective on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.25.

Iridium Communications Trading Up 2.2 %

Shares of Iridium Communications stock opened at $28.74 on Monday. The firm has a 50-day simple moving average of $27.51 and a two-hundred day simple moving average of $34.68. The company has a market cap of $3.49 billion, a P/E ratio of 136.86 and a beta of 0.85. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $68.34. The company has a debt-to-equity ratio of 1.86, a quick ratio of 2.52 and a current ratio of 3.33.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same period in the prior year, the company earned $0.08 earnings per share. The firm’s revenue was down .7% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. National Bank of Canada FI raised its holdings in Iridium Communications by 20.4% in the 3rd quarter. National Bank of Canada FI now owns 25,507 shares of the technology company’s stock valued at $1,132,000 after acquiring an additional 4,325 shares during the last quarter. SG Americas Securities LLC raised its holdings in Iridium Communications by 2,583.5% in the 3rd quarter. SG Americas Securities LLC now owns 54,448 shares of the technology company’s stock valued at $2,477,000 after acquiring an additional 52,419 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Iridium Communications by 766.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 12,056 shares of the technology company’s stock valued at $548,000 after acquiring an additional 10,664 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Iridium Communications in the 3rd quarter valued at about $125,000. Finally, ARK Investment Management LLC raised its holdings in Iridium Communications by 24.3% in the 3rd quarter. ARK Investment Management LLC now owns 1,924,779 shares of the technology company’s stock valued at $87,558,000 after acquiring an additional 376,733 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 1.81%. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Iridium Communications Company Profile

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.