Latest news for Iridium Comms (NASDAQ:IRDM) Stock

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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Danaher Posts Upbeat Earnings, Joins Spotify, MSCI, Owens &amp; Minor And Other Big Stocks Moving Higher On Tuesday

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Iridium (NASDAQ: IRDM) sees stock surge on Q2 EPS beat and strong commercial IoT subscriber growth, despite missing revenue expectations.

Iridium Surges On Strong Subscriber Growth: &#39;We Plan To Continue Being Aggressive,&#39; CEO Says

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Ally Financial Reports Upbeat Earnings, Joins Badger Meter, Genuine Parts And Other Big Stocks Moving Higher On Thursday

Iridium Communications Inc - Common Stock

Iridium Communications Inc

Buybacks

Iridium Board Approves $500M Share Repurchase Program, Bringing Total Authorization To $1.5B, With Targeted Completion By December 2027

BWS Financial analyst Hamed Khorsand reiterates 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

Reiteration

Analyst Ratings

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

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Shares of companies within the broader communication services sector are trading lower possibly in sympathy with overall market weakness.

Barclays analyst Mathieu Robilliard maintains Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) with a Overweight and raises the price target from $44 to $45.

Barclays Maintains Overweight on Iridium Comms, Raises Price Target to $45

U.S. stocks were mixed, with the Dow Jones index falling around 50 points on Tuesday.
Shares of Danaher Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>) rose sharply during Tuesday's session after the company reported better-than-expected <a href="https://www.benzinga.com/news/earnings/24/07/39907956/life-science-giant-danahers-q2-earnings-beat-estimates-on-sustained-positive-momentum-in-bioprocess">second quarter earnings</a>.
Danaher's second quarter sales decreased 3% year-over-year to $5.743 billion, beating the consensus of $5.59 billion. Danaher reported second-quarter adjusted EPS of $1.72, beating the consensus of $1.57, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Danaher shares gained 7.4% to $269.35 on Tuesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Kiniksa Pharmaceuticals International, plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KNSA#NASDAQ">KNSA</a>) shares jumped 16% to $24.81 after the company reported better-than-expected second-quarter sales results and raised its FY24 net product revenue guidance.</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) gained 12.7% to $333.02 following second-quarter earnings.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) surged 11.8% to $12.34.</li>
<li>PureCycle Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCT#NASDAQ">PCT</a>) gained 11.8% to $6.90.</li>
<li>KKR Real Estate Finance Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) surged 11.2% to $11.22 following second-quarter results.</li>
<li>MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) shares jumped 11.1% to $561.96 following better-than-expected second-quarter financial results.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) gained 10.3% to $66.27.</li>
<li>Beam Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BEAM#NASDAQ">BEAM</a>) gained 9% to $29.48. HC Wainwright &amp; Co. analyst Patrick Trucchio initiated coverage on Beam Therapeutics with a Buy rating and announced a price target of $80.</li>
<li>Iridium Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) rose 8.5% to $28.11 after the company reported better-than-expected second-quarter EPS results.</li>
<li>Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) gained 8.5% to $84.04 after the company reported better-than-expected second-quarter earnings and raised its FY24 EPS guidance above estimates.</li>
<li>MakeMyTrip Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MMYT#NASDAQ">MMYT</a>) climbed 8% to $96.75 following better-than-expected quarterly earnings.</li>
<li>Inter Parfums, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPAR#NASDAQ">IPAR</a>) gained 8% to $137.34 after the company reported better-than-expected expected sales.</li>
<li>Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>) rose 8% to $16.51 as the company released preliminary second quarter 2024 financial results and signed a definitive agreement to acquire Rotech Healthcare for $1.36 billion in cash.</li>
<li>Mesoblast Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MESO#NASDAQ">MESO</a>) shares gained 8% to $8.15. Mesoblast recently started enrollment in Phase 3 trial of Rexlemestrocel-L for chronic low back pain.</li>
<li>Pentair plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) gained 7.7% to $86.19 after the company reported better-than-expected second quarter financial results and revised its FY24 adjusted EPS guidance above estimates.</li>
<li>Park National Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRK#NYSE">PRK</a>) gained 7.4% to $182.78 following upbeat quarterly earnings.</li>
<li>Wheels Up Experience Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UP#NYSE">UP</a>) gained 7.1% to $3.46.</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) shares surged 6.4% to $173.21 after the company reported better-than-expected second quarter adjusted EPS and raised its FY24 outlook.</li>
<li>SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) gained 6% to $0.2390 after the company reported second-quarter financial results.</li>
<li>Hims &amp; Hers Health, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NASDAQ">HIMS</a>) gained 5.6% to $21.51.</li>
<li>e.l.f. Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) surged 5.5% to $178.95.</li>
<li>Zions Bancorporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) rose 5.4% to $52.12 after posting better-than-expected quarterly results on Monday.</li>
<li>Brown &amp; Brown, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>) gained 5.2% to $97.99 following upbeat quarterly earnings.</li>
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Danaher Posts Upbeat Earnings, Joins Spotify, MSCI, Owens & Minor And Other Big Stocks Moving Higher On Tuesday

Iridium Communications shares are trading higher after the company reported better-than-expected Q2 EPS results.

Iridium Communications Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) shares are<a href="https://www.benzinga.com/premarket" target="_blank" rel="noreferrer noopener"> trading higher on Tuesday</a> after the McLean, Virginia-based company reported second-quarter earnings of 27 cents per share, <a href="https://www.benzinga.com/pressreleases/24/07/n39902324/iridium-announces-second-quarter-2024-results" target="_blank" rel="noreferrer noopener">beating the street view of 18 cents</a>.
Quarterly sales of 201.067 million missed the street view of $201.852 million.
Iridium ended the quarter with 2.41 million total billable subscribers, versus 2.14 million for the year-ago period. Subscriptions are up from 2.33 million <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">for the quarter ended March 31, 2024.</a>
Total billable subscribers grew 13% year-over-year, led by growth in commercial IoT.
Net income primarily benefitted from a year-over-year decrease in depreciation expense associated with extending the estimated useful lives of the company&#8217;s satellites and the prior year&#8217;s write-off of the company&#8217;s remaining ground spare.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39903213/us-stock-futures-little-changed-as-traders-brace-for-q2-reports-from-alphabet-tesla-there-remains-s" rel="noreferrer noopener">US Stock Futures Little Changed As Traders Brace For Q2 Reports From Alphabet, Tesla: ‘There Remains Strong Fundamental Support For Large Caps,' Says Economist</a>
Capital expenditures were&nbsp;$12.4 million&nbsp;for the second quarter, including&nbsp;$1.2 million&nbsp;in capitalized interest.
The company ended the second quarter with gross Term Loan debt of&nbsp;$1.6 billion,&nbsp;$50.0 million&nbsp;outstanding under the Revolving Facility, and a cash and cash equivalents balance of&nbsp;$63.5 million.
Iridium repurchased three percent of its shares and increased its quarterly dividend to common shareholders, according to CEO Matt Desch. &#8220;We plan to continue being aggressive with our shareholder-friendly activities in 2024, based on current market valuations,&#8221; he added. 
Outlook: The company reiterated its full-year 2024 outlook. Total service revenue<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> growth is projected between 4% and 6% for the full year 2024.</a>
Total service revenue for 2023 was&nbsp;$584.5 million.
Full-year 2024 OEBITDA is expected between&nbsp;$460 million&nbsp;and&nbsp;$470 million. OEBITDA for 2023 was&nbsp;$463.1 million.
Price Action: IRDM shares are trading higher by 9.49% to $28.38 at last check Tuesday.
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Iridium Surges On Strong Subscriber Growth: 'We Plan To Continue Being Aggressive,' CEO Says

The Company reiterated its full-year 2024&nbsp;outlook&nbsp;and updated its longer-term&nbsp;guidance&nbsp;on net leverage:
<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 expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.</li>
<li>Net leverage below 4.0 times OEBITDA through 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 consistent with the current level. (Previous near-term&nbsp;guidance&nbsp;for net leverage was below 2.5 times OEBITDA as Iridium exited 2026.) 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

Earnings Beats

Earnings Misses

Iridium Comms Q2 2024 GAAP EPS $0.27 Beats $0.18 Estimate, Sales $201.067M Miss $201.852M Estimate

<a href="https://www.bcsatellite.net/blog/smartphone-giants-compete-to-connect-via-satellite/#:~:text=Samsung%20made%20waves%20by%20signing,seriousness%20about%20space%2Dbased%20communication.">https://www.bcsatellite.net/blog/smartphone-giants-compete-to-connect-via-satellite/#:~:text=Samsung%20made%20waves%20by%20signing,seriousness%20about%20space%2Dbased%20communication.</a>
Major smartphone developers Samsung, Apple, and Huawei are locked in a high-stakes battle to be the first to provide reliable 5G connectivity from space to devices in even the most remote locations on Earth.
As smartphones become ubiquitous worldwide, users increasingly expect to remain connected no matter where they are. However, connecting smartphones via cellular towers leaves gaps in places like rural areas, oceans, and airplanes. Space-based 5G connectivity promises to bridge these gaps and give users a more stable connection.
Realizing this immense opportunity, smartphone giants are channeling R&amp;D efforts into satellite communication capabilities. While still a nascent field, early signs indicate fierce competition ahead as companies vie to tap the potentially massive space-to-smartphone connectivity market.
<h3>Samsung Pushes Boundaries with Satellite Connectivity</h3>
Samsung made waves by signing a deal with satellite operator Iridium in early 2023 to bring satellite connectivity to the Samsung Galaxy S23 smartphone series. Though initially limited to text-based messaging, the partnership underscores Samsung's seriousness about space-based communication.
Samsung executive TM Roh stated that satellite connectivity in smartphones opens up "powerful mobility solutions" when beyond typical network coverage areas. Samsung's early move into space-to-smartphone technology indicates they aim to lead innovation rather than follow Apple. Given Samsung's engineering prowess and vast resources, they are well-positioned to set the pace.

Rumors

Watching Iridium Communications; Traders Circulate 'Samsung Pushes Boundaries With Satellite Connectivity' NOTE: Samsung Signed A Deal With Satellite Operator Iridium In Early 2023

<ul>
<li>As cyber threats to GNSS grow, network operators are turning to alternative sources of positioning, navigation and timing data</li>
<li>Adtran's Oscilloquartz solutions now support Iridium&#xAE; STL services as part of a zero-trust architecture, delivering precise, secure timing via low-Earth orbit satellites</li>
<li>Customers from 5G mobile operators to the defense sector can select STL services to ensure ultimate defense against GNSS vulnerabilities</li>
</ul>

ADTN

Adtran And Iridium Strengthen Announce European And Asia-Pacific Launch Of Its Solutions Featuring Iridium STL Technology

Driven by increased commercial demand, Iridium partners are now authorized to sell the service in parts of Europe and Asia Pacific, helping to protect locally relied upon GNSS systems, like GPS and Galileo, with a signal highly resilient to spoofing and jamming, that also helps ensure the fidelity of timing systems

Tech

Iridium Communications Announced Expanded Commercial Availability Of Its Satellite Time And Location Service, An Alternative Positioning, Navigation, And Timing Solution

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4181680-1&amp;h=1813863834&amp;u=https%3A%2F%2Fwww.iridium.com%2F&amp;a=Iridium+Communications+Inc.">Iridium Communications Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>), a leading provider of global voice and data satellite communications, today announced it has been awarded a new five-year contract by the United States Space Force's Space Systems Command's Commercial Space Office (COMSO) for Enhanced Mobile Satellite Services (EMSS) capabilities and security sustainment services (ECS3). In support of the Iridium EMSS program, the ECS3 contract will ensure continued optimal operations of the EMSS Service Center in support of critical U.S. government applications. The value of the contract is approximately $94 million with a potential total value of $103 million, based on future surge requirements.

Contracts

Iridium Awarded 5-Year, $94M Contract By Space Systems Command, Has A Potential Total Value Of $103M, Based On Future Surge Requirements

Iridium Communications Announced A Historic Development For Uncrewed Aerial Systems Operations Beyond Visual Line Of Sight

Iridium Communications shares are trading higher after Barclays maintained an Overweight rating on the stock and raised its price target from $42 to $44.

Barclays analyst Mathieu Robilliard maintains Iridium Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRDM#NASDAQ">IRDM</a>) with a Overweight and raises the price target from $42 to $44.

Barclays Maintains Overweight on Iridium Comms, Raises Price Target to $44

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.

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.

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

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ARKX

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In this video, I recap the most recent trading session. I also take a closer look at the market action seen in the Nasdaq 100 this past week.

Masters In Trading - Saturday, July 27

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Ongoing developments in next generation launch vehicles, as well as lunar missions, together with the rising interest of the private sector in space exploration, make space explorations stocks potentially lucrative targets for investors. The rivalry between the two global superpowers is growing ever more heated, and both the United States and China are pouring money into space exploration and development, from satellites to moon landing missions. Space exploration stocks could then be potentially lucrative investments for investors who buy these stocks early.



One thing I appreciate the most about these space exploration stocks to buy is that many of them trade at very low valuation ratios. Most of the companies discussed in this list are <a href="https://investorplace.com/stock-types/penny-stocks/">penny stocks</a> with market capitalizations that promise a hefty upside.



The risks of investing in space exploration stocks is significant. However, I feel that owning a small position in some of these stocks may improve risk-adjusted returns over the long run thanks to their promising prospects for growth.



<h2>Rocket Lab (RKLB)&nbsp;</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/07/rklb1600-300x169.png" alt="Homepage of Rocket lab (RKLB). Official website of company"><div>Source: OleksandrShnuryk / Shutterstock.com</div></div>Rocket Lab (NASDAQ:<a href="https://investorplace.com/stock-quotes/rklb-stock-quote/">RKLB</a>) is one of the best space exploration stocks to buy according to my estimates. The standout figure is Rocket Lab&rsquo;s <a href="https://investors.rocketlabusa.com/news/news-details/2024/Rocket-Lab-Announces-Second-Quarter-2024-Financial-Results-Posts-Record-Revenue-on-71-Year-on-Year-Growth/default.aspx">record quarterly revenue</a> of $106 million, representing a massive 71% year-over-year increase. Unlike some other space exploration stocks that have encountered significant operational setbacks and tepid demand, RKLB stock demonstrated. CEO Peter Beck emphasized this point, stating that the results demonstrate &ldquo;the strong and growing demand for our launch services and space systems products, and importantly, our team&rsquo;s ability to execute against it.&rdquo;



Furthermore, I think that the best has yet to come for investors in RKLB stock, as the future looks accretive. Their Electron rocket remains the leading small launch vehicle globally, and it has attracted 17 new launch contracts year-to-date.



Although RKLB stock is currently unprofitable, the firm&rsquo;s gross margin stands at a healthy 30%, with the Neutron rocket being a major draw card for the firm to improve its profitability in the future.



<h2>Virgin Galactic (SPCE)&nbsp;</h2>



<a href="https://investorplace.com/wp-content/uploads/2021/07/mw-spce.png"><img width="300" height="200" src="https://investorplace.com/wp-content/uploads/2021/07/mw-spce-300x200.png" alt="A photo of a futuristic-looking silver airplane."></a>Virgin Galactic (NYSE:<a href="https://investorplace.com/stock-quotes/spce-stock-quote/">SPCE</a>) also had many positive <a href="https://investors.virgingalactic.com/news/news-details/2024/Virgin-Galactic-Announces-Second-Quarter-2024-Financial-Results-And-Provides-Business-Update/default.aspx">developments</a> to report in its second-quarter earnings for this year. A key highlight is the successful completion of<a href="https://spacenews.com/virgin-galactic-conducts-final-vss-unity-commercial-suborbital-spaceflight/"> VSS Unity&rsquo;s</a> operational phase with the &lsquo;Galactic 07&rsquo; mission. The VSS Unity was SPCE&rsquo;s space plane that made its first successful commercial flight. It recorded a per-seat revenue of $900,000, which I feel is a great sign that there&rsquo;s commercial interest in SPCE&rsquo;s future Delta-class spaceship program that is due to commence commercialization in 2026.



CEO Michael Colglazier&rsquo;s statement that &ldquo;Progress on our Delta Class spaceship program was substantial in Q2, with the pace of design completion accelerating and tool fabrication underway&rdquo; is particularly encouraging to me, as operational milestones are apparently being completed on schedule. 



The firm&rsquo;s <a href="https://stockanalysis.com/stocks/spce/statistics/">$821 million in cash</a> also buys its substantial runway. In fact, judging by its adjusted amount of cash burn, this even allows SPCE to miss its 2026 target without needing to take on debt or issue shares, which preserves upside. It could then be one of those space exploration stocks for investors to consider.



<h2>Lockheed Martin (LMT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/LMT1600-300x169.jpg" alt="A Lockheed Martin (LMT) Space Systems sign in Sunnyvale, California."><div>Source: Ken Wolter / Shutterstock.com</div></div>I like Lockheed Martin (NYSE:<a href="https://investorplace.com/stock-quotes/lmt-stock-quote/">LMT</a>) as one of those <a href="https://investorplace.com/industries/industrial/space/">space stocks</a> for investors who prefer owning less speculative investments. Although it is primarily known for its aircraft and is America&rsquo;s largest defense contractor, it has a <a href="https://investors.lockheedmartin.com/static-files/0e5a6d1e-900e-49c9-930a-376f94f6b9c0">sizable and growing presence</a> in the space industry. For instance, last quarter, space segment net sales increased by $310 million, or 10%, compared to Q1 2023. Not only did its top-line expand, but its operating profit did too, growing by $45 million, or 16%, compared to the same period last year.&nbsp;



LMT stock saw the largest top-line growth in strategic and missile defense programs, which saw a $140 million increase compared with the same period last year. Meanwhile, National security space programs also saw a sizable boost, recording $115 million in additional revenue. This can be broken down into its Transport Layer and GPS III programs.



As the new space race has a fundamentally geopolitical aspect to it, I expect that demand for LMT&rsquo;s revenues and profits to rise in its space segment as orders to the U.S. and NATO allies ramp up in response to heightened tensions.



<h2>Terran Orbital (LLAP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/high-tech-spaceship-view-planets-300x169.png" alt="An image of the view from a high-tech spaceship looking out at planets and asteroids. space stocks"><div>Source: sdecoret / Shutterstock</div></div>Terran Orbital (NYSE:<a href="https://investorplace.com/stock-quotes/llap-stock-quote/">LLAP</a>) is a small satellite manufacturer that I believe has great potential. Its <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001835512/7fc90d07-681e-439f-902f-67b69319a4d4.pdf">recent quarterly results were impressive</a>, with a great amount of demand for its services. Small satellites tend to be favored by defense contractors. This is evidenced by their sizable backlog, which stood at $312.7 million as of June 30th. A substantial portion of this backlog is tied to programs with Lockheed Martin.



LLAP stock is a tiny business compared with the other space exploration stocks on this list, as it has a market cap of just $145 million. As such, it is going through teething issues, but it is also making promising progress. While revenues dipped slightly year-over-year, gross profit increased to $2.8 million in Q2 2024, up from just $0.8 million in Q2 2023. The company also reduced its net loss.



The market for small satellites is growing, and its relationship with LMT for much of its revenues is both a blessing and a curse, lest there be a downturn in defense spending. However, my view is that tensions will continue



<h2>Redwire (RDW)&nbsp;</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/11/space-stocks1600-300x169.png" alt="Surface of Earth planet in deep space. Outer dark space wallpaper. Night on planet with cities lights. View from orbit. Elements of this image furnished by NASA. Space stocks"><div>Source: Dima Zel / Shutterstock.com</div></div>Redwire (NYSE:<a href="https://investorplace.com/stock-quotes/rdw-stock-quote/">RDW</a>) is an American aerospace manufacturer. Like other space exploration stocks in this article, the company also <a href="https://d1io3yog0oux5.cloudfront.net/_e858af2708d228369d59969358a711b5/redwirespace/news/2024-08-07_Redwire_Corporation_Reports_Second_Quarter_2024_135.pdf">reported promising results</a> last quarter.&nbsp;



The most striking figure is the 30% year-over-year revenue growth to $78.1 million. I also think that RDW is potentially undervalued as one of those space stocks you could write home about &ndash; their contracted backlog increased by nearly 30% year-over-year to $354 million.



One of the hottest trends for space exploration stocks is the rise of Very Low Earth Orbit (VLEO) satellites and satellite constellations. The satellites orbit close to the Earth, which is welcomed by communities in remote areas and governments seeking reduced latency for internet and voice communications. RDW stock has its SabreSat VLEO, which it secured a key win for last quarter in the form of a flight contract. CEO Peter Cannito described RDW as having &ldquo;strong strong financial and technical momentum&rdquo; as it heads into Q3.



<h2>Iridium Communications (IRDM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/04/iridium-communications-irdm-1600-300x169.jpg" alt="the Iridium Satellite Communications logo seen displayed on a smartphone"><div>Source: rafapress / Shutterstock.com</div></div>Iridium Communications (NASDAQ:<a href="https://investorplace.com/stock-quotes/irdm-stock-quote/">IRDM</a>) is a global satellite communications company. It provides both data and voice connectivity worldwide. This year seems to have been <a href="https://investor.iridium.com/2024-07-23-Iridium-Announces-Second-Quarter-2024-Results">especially accretive</a> for space exploration stocks, as Iridium&rsquo;s Q2 2024 results demonstrate solid growth.&nbsp;



Their total revenue increased by 4% year-over-year, driven by a 5% growth in service revenue, which now accounts for 76% of total revenue. Most notably, service revenue is recurring in nature, which provides the firm with a solid base for its future financial health.



There are two sterling examples from IRDM earnings that makes me think that it will continue to surprise the market. The firm has a solid relationship with the U.S government, and it has additional contract revenue from it starting in September this year. Another shining example is that it expects to see a continued expansion of its revenue growth and an indirect boost to its net income could be on the cards via its strong tax management strategies.



<h2>Spire Global (SPIR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/11/spir1600-300x169.png" alt="Person holding smartphone with logo of US data analytics company Spire Global Inc. (SPIR) on screen in front of website. Focus on phone display. Unmodified photo."><div>Source: T. Schneider / Shutterstock.com</div></div>Spire Global (NYSE:<a href="https://investorplace.com/stock-quotes/spir-stock-quote/">SPIR</a>) provides space-based data and analytics. I like it for a few reasons, notably due to its recent results. Revenue <a href="https://d1io3yog0oux5.cloudfront.net/_1cdf621d5aec1a7a10d331c93ed330b8/spire/db/1912/17837/pdf/Spire+Q1%2724+Presentation_Final.pdf">burgeoned 6% year-over-year</a> to $25.7 million in Q1 2024, while Annual Recurring Revenue (<a href="https://investorplace.com/stock-quotes/arr-stock-quote/">ARR</a>) swelled 15% to $120.9 million.&nbsp;



SPIR might also be suitable for green investors, per recent comments by SPIR Global&rsquo;s CEO Peter Platzer. The CEO stated: &ldquo;Climate change and global security challenges are drivers of demand for our business. They are becoming more frequent and costly.&rdquo; For me, this dovetails seamlessly with Spire&rsquo;s focus on providing critical data and insights in these domains.



Peering into the future, Spire&rsquo;s guidance for Q2 2024 and full-year 2024 gives me reason to give it a buy recommendation. The company has accounted for a 20% sequential revenue growth in Q2, with positive adjusted EBITDA of $3.5 million at the midpoint.&nbsp;



On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/"> InvestorPlace.com Publishing Guidelines</a>.
<div>Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/08/7-space-exploration-stocks-that-could-pioneer-new-frontiers/">7 Space Exploration Stocks That Could Pioneer New Frontiers</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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