Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
SpaceX launched ten Iridium Communications Inc (NASDAQ:IRDM) satellites successfully into orbit Jan. 11 from Vandenberg Air Force Base in California.
This marks the end of the launch campaign of SpaceX, in which Tesla Inc (NASDAQ:TSLA) is a stakeholder, and completes the refresh of the Iridium constellation, with 66 active satellites plus nine in-orbit spares, according to Raymond James.
The Analyst
Raymond James’ Ric Prentiss maintains a Strong Buy rating on Iridium Communications.
The Thesis
Apart from the launch of the final 10 NEXT satellites, Thales Group has constructed six more that will remain as ground spares, Prentiss said in a Monday note.
With the completion of the NEXT constellation, Iridium can now focus on ramping up sales of its new NEXT-enabled services under the Certus brand, the analyst said.
Certus sales could commence this year, but may not be "significant" until 2020-2021 due to long sales cycles, Prentiss said.
“We also believe the company is working with the U.S. government on renewing that major contract, but do not know what impact the partial government shutdown is having on negotiations."
Iridium is expected to enter an extended capex holiday of around 10 years, with a decline to about $36 million per year, the analyst said. Raymond James predicts the company will aim to refinance its debt "to become more equity-friendly," Prentiss said.
Price Action
Iridium Communications shares were down 4.25 percent at $20.26 at the time of publication Monday.
Related Links:
Musk's SpaceX Raises $500M As Valuation Nears $30.5B
Jim Cramer Gives His Opinion On Boston Scientific, MongoDB And More
Photo courtesy of SpaceX.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!