Raymond James analyst Ric Prentiss maintained a Buy rating on Iridium Communications (IRDM) today and set a price target of $28.00. The company’s shares closed last Wednesday at $22.75.
According to TipRanks.com, Prentiss is a 1-star analyst with an average return of -2.0% and a 63.3% success rate. Prentiss covers the Technology sector, focusing on stocks such as Telephone & Data Systems, United States Cellular, and ATN International.
Iridium Communications has an analyst consensus of Strong Buy, with a price target consensus of $31.00, which is a 38.0% upside from current levels. In a report issued on April 20, Barclays also maintained a Buy rating on the stock with a $30.00 price target.
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Based on Iridium Communications’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $139 million and GAAP net loss of $108 million. In comparison, last year the company earned revenue of $132 million and had a GAAP net loss of $7.58 million.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IRDM in relation to earlier this year.
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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, and Government. The Land Mobile business engages in the provision of mobile satellite communications services to the land mobile sector, providing handset services to areas not served or inconsistently served by existing terrestrial communications networks. The Maritime business provides broadband terminals, embedded devices and handsets. Its market space includes merchant shipping, fishing, research vessels and specialized water craft. The Aviation business provides mobile satellite communications services to the aviation sector. Its services are used in commercial and global government aviation applications, principally by corporate jets, corporate and government helicopter fleets, specialized general aviation fleets, such as medevac companies and fire suppression fleets, and high-end personal aircraft. The Government business line involves in the provision of mobile satellite communications services to the U.S. government, principally the Department of Defense. Its voice products are used for a variety of primary and backup communications solutions, including tactical operations, logistical, administrative, morale and welfare, and emergency communications. The firm’s commercial services include: Postpaid Mobile Voice and Data Satellite Communications, Prepaid Mobile Voice Satellite Communications, Iridium PTT, Broadband Data, and Machine-to-Machine services. Iridium Communications was founded on November 2, 2007 and is headquartered in McLean, VA.
