Raymond James Sticks to Their Buy Rating for Iridium Communications (IRDM)

In a report released today, Ric Prentiss from Raymond James maintained a Buy rating on Iridium Communications (IRDMResearch Report). The company’s shares closed last Tuesday at $28.41.

According to TipRanks.com, Prentiss is a 1-star analyst with an average return of -1.3% and a 62.5% success rate. Prentiss covers the Technology sector, focusing on stocks such as Shenandoah Telecommunications Co, United States Cellular, and ATN International.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Iridium Communications.

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The company has a one-year high of $32.08 and a one-year low of $16.87. Currently, Iridium Communications has an average volume of 719.8K.

Based on the recent corporate insider activity of 83 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. Most recently, in August 2020, Thomas D. Hickey, the Chief Legal Officer, Secretary of IRDM sold 65,737 shares for a total of $1,940,262.

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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.