Iridium Comms Stock (NASDAQ:IRDM), Trade Ideas

Iridium Comms

Iridium Communications Inc offers voice and data communications services and products to businesses, U.S. and international government agencies, and other customers on a global basis. The company is a provider of mobile voice and data communications services through a constellation of low earth-orbiting satellites. Iridium's solutions are ideally suited for industries such as maritime, aviation, government/military, emergency/humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation, and utilities. Iridium also provides service to subscribers from the U.S. Department of Defense, as well as other civil and government agencies around the world. The Company operates in one business segment, providing global satellite communications services and products.

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Iridium Communications sees surge after beating Q1 earnings estimates, driven by strong service revenue growth and subscriber expansion.

Iridium Communications Jump 10% After Q1 Results - Here&#39;s Why

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Iridium Communications Inc - Common Stock

Iridium Communications Inc

Analysts' ratings for Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) over the last quarter vary from bullish to bearish, as provided by 4 analysts.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Iridium Comms, presenting an average target of $37.5, a high estimate of $48.00, and a low estimate of $30.00. Observing a downward trend, the current average is 12.12% lower than the prior average price target of $42.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1713794486_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
The standing of Iridium Comms among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Hamed Khorsand</td>
<td>BWS Financial</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$30.00</td>
<td>$30.00</td>
</tr>
<tr>
<td>Mathieu Robilliard</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$42.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Hamed Khorsand</td>
<td>BWS Financial</td>
<td>Announces</td>
<td>Hold</td>
<td>$30.00</td>
<td>-</td>
</tr>
<tr>
<td>Ric Prentiss</td>
<td>Raymond James</td>
<td>Lowers</td>
<td>Strong Buy</td>
<td>$48.00</td>
<td>$53.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Iridium Comms. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Iridium Comms compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Iridium Comms's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Iridium Comms's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/IRDM/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Iridium Comms analyst ratings.</a>
<h2>All You Need to Know About Iridium Comms</h2>
Iridium Communications Inc offers voice and data communications services and products to businesses, U.S. and international government agencies, and other customers on a global basis. The company is a provider of mobile voice and data communications services through a constellation of low earth-orbiting satellites. Iridium's solutions are ideally suited for industries such as maritime, aviation, government/military, emergency/humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation, and utilities. Iridium also provides service to subscribers from the U.S. Department of Defense, as well as other civil and government agencies around the world. The Company operates in one business segment, providing global satellite communications services and products.
<h3>Iridium Comms's Financial Performance</h3>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
Negative Revenue Trend: Examining Iridium Comms's financials over 3 months reveals challenges. As of 31 March, 2024, the company experienced a decline of approximately -0.69% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Communication Services sector.
Net Margin: Iridium Comms's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 9.64% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 2.26%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 0.73%, the company showcases effective utilization of assets.
Debt Management: Iridium Comms's debt-to-equity ratio is below the industry average. With a ratio of 1.88, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>How Are Analyst Ratings Determined?</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

The Analyst Verdict: Iridium Comms In The Eyes Of 4 Experts

BWS Financial analyst Hamed Khorsand maintains Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) with a Neutral and maintains $30 price target.

Price Target

BWS Financial Maintains Neutral on Iridium Comms, Maintains $30 Price Target

U.S. stocks were lower, with the Nasdaq Composite falling over 50 points on Thursday.
Shares of Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) rose sharply during Thursday's session after the company reported better-than-expected quarterly financial results.
Ally Financial posted adjusted earnings of 45 cents per share, beating market estimates of 33 cents per share. The company's adjusted sales came in at $1.99 billion versus expectations of $1.96 billion.
Ally Financial shares jumped 7.7% to $39.06 on Thursday.
Here are some other big stocks recording losses in today's session.
<ul>
<li>Critical Metals Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRML#NASDAQ">CRML</a>) rose 24% to $9.30.</li>
<li>Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares gained 21.2% to $7.86.</li>
<li>Humacyte, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUMA#NASDAQ">HUMA</a>) shares rose 13.9% to $3.5550.</li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) jumped 13.4% to $29.92. The company in a filing explained to shareholders how to prevent shares from being loaned for a short interest position.</li>
<li>Aquestive Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQST#NASDAQ">AQST</a>) jumped 12.4% to $4.4050.</li>
<li>Badger Meter, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMI#NYSE">BMI</a>) shares jumped 11.8% to $171.06 after the company reported better-than-expected first-quarter results.</li>
<li>FibroBiologics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBLG#NASDAQ">FBLG</a>) rose 11.8% to $10.61.</li>
<li>CleanSpark, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) climbed 11.7% to $16.66 as Bitcoin has gained over the past 24 hours.</li>
<li>Genuine Parts Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPC#NASDAQ">GPC</a>) gained 11.1% to $160.05 after the company reported a first-quarter EPS beat and raised its FY24 guidance.</li>
<li>Barnes Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) rose 8.8% to $36.31. DA Davidson analyst Matt Summerville upgraded Barnes from Neutral to Buy and raised the price target from $35 to $45.</li>
<li>Iridium Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) climbed 8.5% to $26.81 after the company reported better-than-expected first-quarter financial results.</li>
<li>Apogee Enterprises, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>) surged 8.1% to $60.42 following upbeat quarterly earnings.</li>
<li>ManpowerGroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAN#NYSE">MAN</a>) gained 7.1% to $75.03 following strong second-quarter guidance.</li>
<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) rose 6.2% to $11.58 following recent reports of the TikTok divest-or-ban bill moving on a fast track through Congress.</li>
<li>United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) jumped 4.6% to $50.99 after multiple analysts raised their price targets on the stock.</li>
<li>Now Read This: <a href="https://www.benzinga.com/news/24/04/38316287/netflix-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call">Netflix Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a></li>
</ul>
<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex"> 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="612" height="418" data-id="298553" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/18140050/Image26-1.jpeg" alt="" class="wp-image-298553" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/18140050/Image26-1.jpeg 612w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/18140050/Image26-1-300x205.jpeg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of business woman are trading USA stock market by using digital tablet</figcaption></figure> 
</figure>

Iridium Communications Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">&nbsp;trading higher on Thursday.</a>
The company reported first-quarter earnings per share of 16 cents, outpacing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38310226/iridium-announces-first-quarter-2024-results" rel="noreferrer noopener">Wallstreet estimate of 15 cents</a>. Quarterly revenues of $203.85 million&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the analyst consensus of $193.75 million</a>, driven by strong service revenue growth and subscriber expansion.
Total billable subscribers grew 14% year-over-year to 2.33 million, led by growth in commercial IoT.
Operational EBITDA for the first quarter was $115.0 million, as compared to $111.9 million for the prior-year period, representing a year-over-year increase of 3%.&nbsp;
Net income benefitted from a year-over-year decrease in depreciation expense and continued growth in total commercial services revenue.
Quarterly sales consisted of $148.6 million of service revenue and $55.3 million of revenue related to equipment sales and engineering and support projects.
&#8220;Continued strong service revenue growth fueled Iridium&#8217;s business results in the first quarter,&#8221; said Matt Desch, CEO, Iridium.&nbsp;
Desch added, &#8220;Subscriber growth and demand for Iridium&#8217;s mission-critical applications are driving new service development and free cash flow.&#8221;
What&#8217;s Next?
Iridium Communications&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/n37153759/iridium-announces-2023-results-company-issues-2024-outlook" rel="noreferrer noopener">reiterated</a>&nbsp;total service revenue growth between 4% and 6% for full-year 2024. Total service revenue&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">for 2023 was $584.5 million.</a>
Full-year 2024 OEBITDA is reaffirmed between $460 million and $470 million. OEBITDA for 2023 was $463.1 million.
The company now expects longer-term cash tax rate will move closer to the statutory rate in 2028.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, IRDM stock has lost over 53% in the past year. Investors can gain exposure to the stock via&nbsp;ARK Space Exploration &amp; Innovation ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) and&nbsp;ARK Autonomous Technology &amp; Robotics ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>).
Read Next:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38238454/vingroups-vinfast-faces-financial-risks-amidst-global-ambitions-with-5-7b-loss-over-past-three-y" rel="noreferrer noopener">&nbsp;Vingroup&#8217;s VinFast Faces Financial Risks Amidst Global Ambitions, With $5.7B Loss Over Past Three Years</a>
Price Action: IRDM shares are trading higher by 10.7% to $27.37 on the last check Thursday. 
Photo via Shutterstock

Iridium Communications Jump 10% After Q1 Results - Here's Why

WIIM

Iridium Communications shares are trading higher after the company reported better-than-expected Q1 financial results.

<h3>Companies Reporting Before The Bell</h3>
&bull; Addex Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADXN#NASDAQ">ADXN</a>) is estimated to report earnings for its fourth quarter.
&bull; Nokia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) is estimated to report quarterly earnings at $0.06 per share on revenue of $5.09 billion.
&bull; Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is likely to report quarterly earnings at $1.31 per share on revenue of $18.41 billion.
&bull; TH International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THCH#NASDAQ">THCH</a>) is projected to report earnings for its fourth quarter.
&bull; Ohmyhome (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMH#NASDAQ">OMH</a>) is likely to report earnings for its Fiscal Year 2023.
&bull; Alaska Air Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) is likely to report quarterly loss at $0.97 per share on revenue of $2.13 billion.
&bull; Snap-on (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNA#NYSE">SNA</a>) is projected to report quarterly earnings at $4.65 per share on revenue of $1.20 billion.
&bull; Texas Capital Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCBI#NASDAQ">TCBI</a>) is projected to report quarterly earnings at $0.61 per share on revenue of $253.42 million.
&bull; Infosys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFY#NYSE">INFY</a>) is likely to report quarterly earnings at $0.17 per share on revenue of $4.55 billion.
&bull; Berkshire Hills Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHLB#NYSE">BHLB</a>) is expected to report quarterly earnings at $0.47 per share on revenue of $89.01 million.
&bull; Ally Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is estimated to report quarterly earnings at $0.41 per share on revenue of $1.98 billion.
&bull; Genuine Parts (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPC#NYSE">GPC</a>) is estimated to report quarterly earnings at $2.16 per share on revenue of $5.84 billion.
&bull; Comerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) is likely to report quarterly earnings at $1.12 per share on revenue of $807.79 million.
&bull; KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) is expected to report quarterly earnings at $0.22 per share on revenue of $1.51 billion.
&bull; Elevance Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>) is projected to report quarterly earnings at $10.49 per share on revenue of $42.62 billion.
&bull; Badger Meter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMI#NYSE">BMI</a>) is projected to report quarterly earnings at $0.82 per share on revenue of $182.26 million.
&bull; S&amp;T Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STBA#NASDAQ">STBA</a>) is expected to report quarterly earnings at $0.79 per share on revenue of $95.94 million.
&bull; ManpowerGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAN#NYSE">MAN</a>) is likely to report quarterly earnings at $0.91 per share on revenue of $4.43 billion.
&bull; Blackstone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) is expected to report quarterly earnings at $0.98 per share on revenue of $2.53 billion.
&bull; Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) is estimated to report quarterly earnings at $0.15 per share on revenue of $193.75 million.
&bull; Apogee Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>) is expected to report quarterly earnings at $1.01 per share on revenue of $337.83 million.
&bull; OFG Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFG#NYSE">OFG</a>) is projected to report quarterly earnings at $0.97 per share on revenue of $152.67 million.
&bull; Marsh &amp; McLennan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>) is estimated to report quarterly earnings at $2.80 per share on revenue of $6.39 billion.
&bull; Home BancShares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOMB#NYSE">HOMB</a>) is expected to report quarterly earnings at $0.46 per share on revenue of $240.40 million.
&bull; Forestar Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FOR#NYSE">FOR</a>) is projected to report quarterly earnings at $0.72 per share on revenue of $325.91 million.
&bull; D.R. Horton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) is likely to report quarterly earnings at $3.06 per share on revenue of $8.28 billion.
<h3>Companies Reporting After The Bell</h3>
&bull; Hilltop Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HTH#NYSE">HTH</a>) is expected to report quarterly earnings at $0.25 per share on revenue of $109.71 million.
&bull; Five Point Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FPH#NYSE">FPH</a>) is expected to report earnings for its first quarter.
&bull; Provident Finl Servs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>) is expected to report quarterly earnings at $0.40 per share on revenue of $92.95 million.
&bull; Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) is expected to report quarterly earnings at $1.67 per share on revenue of $697.64 million.
&bull; Independent Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDB#NASDAQ">INDB</a>) is estimated to report quarterly earnings at $1.11 per share on revenue of $174.77 million.
&bull; Banco Latinoamericano (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLX#NYSE">BLX</a>) is expected to report earnings for its first quarter.
&bull; Glacier Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBCI#NYSE">GBCI</a>) is expected to report quarterly earnings at $0.34 per share on revenue of $171.99 million.
&bull; First Western Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYFW#NASDAQ">MYFW</a>) is expected to report quarterly earnings at $0.22 per share on revenue of $22.97 million.
&bull; Alpine Income Prop Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINE#NYSE">PINE</a>) is projected to report quarterly earnings at $0.38 per share on revenue of $11.63 million.
&bull; Metropolitan Bank Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCB#NYSE">MCB</a>) is projected to report quarterly earnings at $1.34 per share on revenue of $64.56 million.
&bull; Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) is likely to report quarterly earnings at $4.50 per share on revenue of $9.26 billion.
&bull; OceanFirst Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NASDAQ">OCFC</a>) is likely to report quarterly earnings at $0.41 per share on revenue of $87.72 million.
&bull; PPG Indus (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>) is expected to report quarterly earnings at $1.86 per share on revenue of $4.43 billion.
&bull; SB Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBFG#NASDAQ">SBFG</a>) is estimated to report quarterly earnings at $0.30 per share on revenue of $9.50 million.
&bull; Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) is estimated to report quarterly earnings at $1.41 per share on revenue of $1.87 billion.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

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Earnings Scheduled For April 18, 2024

2024&nbsp;Outlook&nbsp;and Longer-Term&nbsp;Outlook
The Company reiterated its full-year 2024&nbsp;outlook:
<ul>
<li>Total service revenue growth between&nbsp;4%&nbsp;and&nbsp;6%&nbsp;for full-year 2024. Total service revenue for 2023 was&nbsp;$584.5 million.</li>
<li>Full-year 2024 OEBITDA between&nbsp;$460 million&nbsp;and&nbsp;$470 million. OEBITDA for 2023 was&nbsp;$463.1 million.</li>
<li>Cash taxes of less than&nbsp;$10 million&nbsp;per year from 2024 through 2026. We now expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.</li>
<li>Net leverage below 2.5 times OEBITDA as we exit 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming the completion of the Company&#39;s share repurchase authorization and the payment of quarterly dividends. Net leverage was 3.1 times OEBITDA at&nbsp;December 31, 2023.</li>
</ul>

Iridium Communications Reiterated FY24 Service Revenue Growth of 4%-6%, OEBITDA of $460M-$470M

Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) reported quarterly earnings of $0.16 per share which beat the analyst consensus estimate of $0.15 by 6.67 percent. This is a 100 percent increase over earnings of $0.08 per share from the same period last year. The company reported quarterly sales of $203.85 million which beat the analyst consensus estimate of $193.75 million by 5.21 percent. This is a 0.69 percent decrease over sales of $205.27 million the same period last year.

Iridium Comms Q1 EPS $0.16 Beats $0.15 Estimate, Sales $203.85M Beat $193.75M Estimate

Iridium shares are trading higher after the company announced a five-year commercial contract with L3Harris for satellite time and location service.

Under the terms of the five-year agreement, Iridium will provide the STL service to more than three dozen L3Harris-operated communications network backbone nodes and a similar number of Federal Aviation Administration (FAA) facilities throughout&nbsp;the United States.

Iridium Inks New Five-year Commercial Contract With L3Harris Technologies For Iridium Satellite Time And Location Service

Iridium Comms's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NYSE">IRDM</a>) short percent of float has risen 27.14% since its last report. The company recently reported that it has 3.40 million shares sold short, which is 4.31% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.39 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Iridium Comms Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1711717217_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Iridium Comms has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Iridium Comms's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Iridium Comms's peer group average for short interest as a percentage of float is 6.08%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(IRDM) - Analyzing Iridium Comms's Short Interest

On Thursday, Cathie Wood-led Ark Invest made some significant trades, with Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) being the most prominent.
The Coinbase Trade
Ark Invest sold a substantial number of Coinbase shares across three of its funds: ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), and Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>). 
The total number of shares sold was 54,215. The transaction was valued at $13.15 million. This move came as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was nearing a new all-time high, <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37473687/cathie-woods-ark-invest-sells-nearly-31m-worth-of-coinbase-shares-amid-searing-bitcoin-ral">flirting with the $69,000 mark</a>. Coinbase shares closed at $242.62, up 1.71% for the day.
Trending: Bitcoin To $100,000? <a href="https://www.benzinga.com/money/bydfi-btc-100k" target="_blank" rel="noreferrer noopener">Here&#8217;s what gold bug Peter Schiff said could happen on Anthony Pompliano&#8217;s podcast.</a>
The Palantir Trade
On the other hand, Ark Invest bought 19,749 shares of Palantir, worth $522,558, for its ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>). 
This decision comes amid <a href="https://www.benzinga.com/markets/equities/24/03/37528083/jim-cramer-gives-strong-buy-signal-for-palantir-technologies-it-goes-higher">Jim Cramer&#8217;s strong buy recommendation</a> for Palantir on his &#8220;Lightning Round&#8221; segment. Palantir shares closed at $26.46, up 1.15% for the day.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37520794/shiba-inu-burns-100m-tokens-in-single-transaction-another-120-move-from-here-predicts-trad?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Burns 100M Tokens In Single Transaction: &#8216;Another 120% Move From Here,&#8217; Predicts Trader</a>
Other Key Trades:
<ul>
<li>Ark Invest bought 74,00 shares of JSC KASPI.KZ ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KSPI#NASDAQ">KSPI</a>) and 28,503 shares of Toast Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NASDAQ">TOST</a>) for its ARKF fund.</li>
<li> It also bought 89,602 shares of SoFi Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) for ARKF and 636,269 shares for ARKK. </li>
<li>For its ARKG fund, Ark Invest bought 14,650 shares of 908 Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MASS#NASDAQ">MASS</a>) and 45,999 shares of Personalis Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNL#NASDAQ">PSNL</a>). </li>
<li>It also bought 36,571 shares of Roku Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) for ARKK and 8,260 shares for ARKW. For its ARKX fund, Ark Invest bought 13,463 shares of Iridium Communications Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) and 3,390 shares of Teradyne Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>).</li>
</ul>
Photo via Ark Invest.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37529542/doge-will-go-possibly-to-100-crypto-analyst-predicts-dogecoin-will-skyrocket-in-eve?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;DOGE Will Go&#8230; Possibly To $100:&#8217; Crypto Analyst Predicts Dogecoin Will Skyrocket In Event Of &#8216;Hyperbitcoinization&#8217;</a>
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Satellite Time and Locationwill become a new business line of Iridium, led by Satelles CEO, Dr.&nbsp;Michael O&#39;Connor&nbsp;who will report to Iridium CEO,&nbsp;Matt Desch.&nbsp;Iridium is assuming all rights to the Satelles patent portfolio and anticipates the Iridium STL line of business will generate over&nbsp;$100 million&nbsp;in service revenue per year, by 2030, and additional revenue from equipment and engineering. As&nbsp;long-standing investor in Satelles, Iridium had an ownership stake of around&nbsp;20 percent&nbsp;from three previous investments in the company. For the remaining approximately&nbsp;80 percent, Iridium will pay about&nbsp;$115 million, net of cash remaining in the Company,&nbsp;which will be financed through a tack-on to its term loan.&nbsp;

Iridium Enters Agreement To Acquire Satelles;  To Pay About $115M For Remaining ~80% Stake In Satelles

<h3>Gainers</h3>
<ul>
<li>E W Scripps (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSP#NASDAQ">SSP</a>) shares moved upwards by 5.1% to $4.56 during Friday's after-market session. The market value of their outstanding shares is at $385.8 million. As per the press release, Q4 earnings came out today. </li>
<li>VS Media Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSME#NASDAQ">VSME</a>) stock increased by 4.97% to $0.47. The market value of their outstanding shares is at $10.2 million. </li>
<li>Super League Enterprise (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLE#NASDAQ">SLE</a>) shares increased by 4.38% to $2.38. The company's market cap stands at $10.0 million. </li>
<li>Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) stock moved upwards by 4.25% to $29.53. The market value of their outstanding shares is at $3.6 billion. </li>
<li>Cable One (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CABO#NYSE">CABO</a>) stock rose 3.15% to $455.0. The company's market cap stands at $2.5 billion. As per the press release, Q4 earnings came out yesterday. </li>
<li>FaZe Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAZE#NASDAQ">FAZE</a>) stock increased by 3.05% to $0.2. The company's market cap stands at $15.1 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Fangdd Network Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUO#NASDAQ">DUO</a>) stock declined by 9.0% to $0.62 during Friday's after-market session. The market value of their outstanding shares is at $2.3 million. </li>
<li>Chicken Soup for the Soul (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSSE#NASDAQ">CSSE</a>) stock declined by 4.96% to $0.19. The market value of their outstanding shares is at $6.1 million. </li>
<li>Kartoon Studios (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TOON#AMEX">TOON</a>) shares declined by 3.81% to $1.5. The company's market cap stands at $52.7 million. </li>
<li>EverQuote (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVER#NASDAQ">EVER</a>) shares declined by 3.77% to $16.1. The company's market cap stands at $542.7 million. </li>
<li>BuzzFeed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BZFD#NASDAQ">BZFD</a>) shares declined by 3.04% to $0.32. The company's market cap stands at $48.4 million. </li>
<li>Zedge (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/ZDGE#AMEX">ZDGE</a>) stock fell 2.57% to $3.8. The company's market cap stands at $54.5 million. 
See Also: <a href="http://www.benzinga.com/money/best-communication-services-stocks/" title="www.benzinga.com/money/best-communication-services-stocks/">www.benzinga.com/money/best-communication-services-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Communication Services Stocks Moving In Friday's After-Market Session

<h3>Gainers</h3>
<ul>
<li>NFT (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MI#AMEX">MI</a>) stock increased by 8.6% to $0.19 during Tuesday's after-market session. The market value of their outstanding shares is at $6.6 million. </li>
<li>Fangdd Network Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUO#NASDAQ">DUO</a>) stock increased by 6.18% to $0.65. The company's market cap stands at $2.4 million. </li>
<li>VS Media Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSME#NASDAQ">VSME</a>) shares rose 4.99% to $0.58. The company's market cap stands at $12.7 million. </li>
<li>Oriental Culture Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCG#NASDAQ">OCG</a>) stock increased by 3.31% to $2.05. The market value of their outstanding shares is at $8.6 million. </li>
<li>Leafly Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFLY#NASDAQ">LFLY</a>) stock rose 3.19% to $3.88. The company's market cap stands at $8.4 million. </li>
<li>Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) stock moved upwards by 2.94% to $30.07. The market value of their outstanding shares is at $3.6 billion. The company's, Q4 earnings came out 3 days ago. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Pop Culture Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPOP#NASDAQ">CPOP</a>) stock fell 19.1% to $5.82 during Tuesday's after-market session. The market value of their outstanding shares is at $14.1 million. </li>
<li>MediaAlpha (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAX#NYSE">MAX</a>) stock declined by 5.07% to $15.0. The market value of their outstanding shares is at $709.2 million. The company's, Q4 earnings came out today. </li>
<li>Hanryu Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRYU#NASDAQ">HRYU</a>) shares fell 4.99% to $0.44. The market value of their outstanding shares is at $23.2 million. </li>
<li>TrueCar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRUE#NASDAQ">TRUE</a>) shares decreased by 4.51% to $3.5. The company's market cap stands at $317.7 million. As per the news, the Q4 earnings report came out today. </li>
<li>Gaxos.AI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GXAI#NASDAQ">GXAI</a>) shares fell 3.67% to $0.6. The company's market cap stands at $7.1 million. 
See Also: <a href="http://www.benzinga.com/money/best-communication-services-stocks/" title="www.benzinga.com/money/best-communication-services-stocks/">www.benzinga.com/money/best-communication-services-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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11 Communication Services Stocks Moving In Tuesday's After-Market Session

Raymond James analyst Ric Prentiss maintains Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) with a Strong Buy and lowers the price target from $53 to $48.

Raymond James Maintains Strong Buy on Iridium Comms, Lowers Price Target to $48

The most oversold stocks in the communication services sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Scienjoy Holding Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sj#NASDAQ">SJ</a>)</h3>
<ul>
<li>On Dec. 15, Scienjoy Holding posted a 9-month loss of 7 cents per share. Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, &quot;I am delighted to unveil our exciting developments in SJ Verse and other progress. SJ Media, arising from the merger between BeeLive and NUJOOM ALMASHREQ MEDIA L.L.C (&quot;NUJOOM&quot;), has evolved into an AI-enabled live streaming platform, providing unparalleled interactive experiences. SuperJ is reshaping the retail landscape with its distinctive &#39;pay less and get a surprise&#39; model, elevating the lifestyle dimension of SJ Verse. DVCC TECHNOLOGY L.L.C (&quot;DVCC&quot;), our comprehensive race event platform, continues to deliver thrilling entertainment to our audience. However, our journey doesn&#39;t stop here.&quot; The company&rsquo;s stock fell around 72% over the past month and has a <a href="https://www.benzinga.com/quote/SJ">52-week low of $0.6560 </a>.</li>
<li>RSI Value: 26.75</li>
<li>SJ Price Action: Shares of Scienjoy gained 5.9% to close at $0.8260 on Thursday.</li>
</ul>
<h3>Global Mofy Metaverse Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gmm#NASDAQ">GMM</a>)</h3>
<ul>
<li>On Jan. 31, Global Mofy Metaverse posted FY23 EPS of 26 cents per share. The company&rsquo;s stock fell around 25% over the past month. It <a href="https://www.benzinga.com/quote/GMM"> has a 52-week low </a> of $2.08.</li>
<li>RSI Value: 26.51</li>
<li>GMM Price Action: Shares of Global Mofy Metaverse rose 2.7% to close at $2.29 on Thursday.</li>
</ul>
<h3>Moving iMage Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mitq#NYSE">MITQ</a>)</h3>
<ul>
<li>On Feb. 14, Moving iMage Technologies reported a year-over-year decrease in second-quarter revenue results. &quot;As expected, our second quarter results were down versus last year, reflecting the end to the Shuttered Venue Operators Grant, or SVOG, spending and the impact of the writers&rsquo; and actors&rsquo; strikes, which negatively impacted the box office and our customers&rsquo; ability to build budgets for 2024,&quot; said Phil Rafnson, chairman and chief executive officer, MiT. The company&rsquo;s stock fell around 23% over the past five days and has a 52-week <a href="https://www.benzinga.com/quote/MITQ"> low of $0.65.</a></li>
<li>RSI Value: 24.37</li>
<li>MITQ Price Action: Shares of Moving iMage Technologies fell 3.1% to close at $0.6506 on Thursday.</li>
</ul>
<h3>Iridium Communications Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/irdm#NASDAQ">IRDM</a>)</h3>
<ul>
<li>On Feb. 15, Iridium Communications reported flat fourth-quarter FY23 revenue growth to $194.74 million, beating the consensus of $194.03 million. &ldquo;Iridium executed well in 2023, delivering another solid year of commercial services growth. Strength was broad based with subscriber growth across all commercial service lines,&rdquo; said Matt Desch, CEO, Iridium. The company&rsquo;s shares lost around 12% over the past five days. The company&rsquo;s 52-week low is $30.42.</li>
<li>RSI Value: 19.73</li>
<li>IRDM Price Action: Shares of Iridium Communications fell 13% to close at $30.47 on Thursday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/37150283/jim-cramer-toasts-anheuser-busch-and-molson-coors-but-recommends-buying-this-beer-stock"> Jim Cramer Toasts Anheuser-Busch And Molson Coors, But Recommends Buying This Beer Stock </a>

Long Ideas

Penny Stocks

Pre-Market Outlook

MITQ

Top 4 Tech And Telecom Stocks That May Rocket Higher in February

LightShed Partners analyst Walter Piecyk downgrades Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) from Buy to Neutral.

Downgrades

LightShed Partners Downgrades Iridium Comms to Neutral

Iridium Communications shares are trading lower following Q4 earnings.

Iridium Communications Inc&nbsp;(NASDAQ:&nbsp;IRDM) reported flat fourth-quarter FY23 revenue growth to $194.74 million, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/n37153759/iridium-announces-2023-results-company-issues-2024-outlook" rel="noreferrer noopener">consensus of $194.03 million</a>.
The company registered a quarterly EPS of 30 cents, beating the street view of <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">EPS of $0.03</a>. 
Commercial service revenue was up 10% Y/Y to $121.5 million, led by broad-based growth across all revenue lines.
Government service revenue remained flat Y/Y at $26.5 million, reflecting the contractual rate in the EMSS Contract.
Equipment revenue was down 60.1% Y/Y to $15.7 million, while Engineering and support revenue rose to $31.1 million from $17.8 million a year ago.&nbsp;
Operational EBITDA grew 7% Y/Y to $114.1 million in the quarter.
Total billable subscribers rose 14% Y/Y to 2.28 million, driven by growth in commercial IoT customers.
The company ended the quarter with gross debt of $1.5 billion and cash and cash equivalents of $71.9 million.&nbsp;
&#8220;Iridium executed well in 2023, delivering another solid year of commercial services growth. Strength was broad based with subscriber growth across all commercial service lines,&#8221; said Matt Desch, CEO, Iridium.
FY24 Outlook: Iridium expects <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">service revenue growth</a> of 4% &#8211; 6% and Operational EBITDA of $460 million-$470 million. 
Price Action: IRDM shares are up 1.17% at $35.45 premarket on the last check Thursday.
Image: Pixabay

Iridium Sets Positive 2024 Outlook, Eyes Revenue Growth, Rising Subscriber Numbers

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Iridium Comms (NASDAQ:<a href="https://investorplace.com/stock-quotes/irdm-stock-quote/">IRDM</a>) just reported results for the first quarter of 2024.<ul><li>Iridium Comms reported earnings per share of 16 cents. This was above the analyst estimate for EPS of 15 cents.</li><li>The company reported revenue of $203.85 million.</li><li>This was 5.21% better than the analyst estimate for revenue of $193.75 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/04/irdm-stock-earnings-iridium-comms-for-q1-of-2024/">IRDM Stock Earnings: Iridium Comms Beats EPS, Beats Revenue for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

IRDM Stock Earnings: Iridium Comms Beats EPS, Beats Revenue for Q1 2024

Iridium Communications, Inc. (IRDM) Q1 2024 Earnings Call Transcript

In a report released today, Hamed Khorsand from BWS Financial maintained a Hold rating on Iridium Communications (IRDM – Research Report), with a p...

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