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Here's Why Iridium (IRDM) is an Attractive Pick Right Now
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Iridium Communications (IRDM - Free Report) is one stock investors may consider powering their portfolio with to shrug off the impacts of the current highly volatile market environment and make some gains from its upside potential. The company currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wall Street has been witnessing high volatility since the beginning of 2022 owing to multiple factors, including the pandemic, rising inflationary concerns, skyrocketing crude oil prices and a hawkish policy adopted by the Fed. Escalating tensions between Russia and Ukraine have further aggravated this volatility over the past few days.
The global macroeconomic and geopolitical uncertainties are likely to continue weighing on investor sentiments, resulting in more volatility in the U.S. equity market.
Nonetheless, this market uncertainty has also created buying opportunities for investors. In the current scenario, investors can bet on stocks with healthy fundamentals that can stay afloat and grow once the impact of the global macroeconomic and geopolitical uncertainties cool down.
Why Should One Bet on IRDM?
Shares of Iridium have lost 14.5% in the past six months, while the stock is down 22.5% from its 52-week high level of $48.95 attained on Sep 7, 2021, making it more affordable for investors.
Image Source: Zacks Investment Research
Additionally, Iridium has spectacular growth expectations. The Zacks Consensus Estimate of earnings 12 cents per share for 2022 suggests growth of approximately 271.4% from the year-ago period. For 2023, the consensus mark for earnings is pegged at 30 cents per share, indicating a year-over-year increase of 147.9%.
Iridium has an impressive earnings surprise history. The company outpaced estimates in two of the trailing four quarters and met estimates twice, delivering an average earnings surprise of 39.4%.
The company has been witnessing northbound earnings estimate revisions of late. During the past 30 days, the Zacks Consensus Estimate for 2022 and 2023 earnings has moved north by 1 cent and 3 cents, respectively.
Robust Growth Drivers to Aid IRDM
Headquartered in McLean, VA, Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications.
Being the sole provider of mobile voice and data satellite communications network, Iridium benefits from a highly lucrative recurring service revenue base. The company has witnessed a steady subscriber growth driven by the demand for consumer-oriented devices.
The mobile and satellite communications services provider’s commercial business is considered the primary driver of long-term growth. It serves a diversified customer base and sectors such as maritime, aviation, government, utilities, oil and gas, mining, heavy equipment, construction and transportation with its unique L-band satellite network.
Iridium’s mobile and satellite communication network leverages the advanced interlinked mesh architecture of 66 operational satellites to provide a global reach of its services across numerous territories. The company believes in the philosophy of delivering cost-effective and competitive broadband services through its highly-lauded Iridium Certus technology. The technology delivers a wide array of services, ranging from voice to a high-throughput L-band data connection to meet the burgeoning demands of customers. The satellite communications company has also teamed up with Amazon Web Services to create a cloud-based solution, Iridium CloudConnect, to bolster global coverage for Internet of Things applications. All these factors augur well for its long-term growth.
Other Key Picks
Other top-ranked from the broader technology space include Progress Software (PRGS - Free Report) , Badger Meter (BMI - Free Report) and NETGEAR (NTGR - Free Report) . While Badger Meter and Progress Software sport a Zacks Rank #1, NETGEAR carries a Zacks Rank #2.
Progress Software has a projected earnings growth rate of 3.62% for fiscal 2022. The Zacks Consensus Estimate for Progress Software’s fiscal 2022 earnings has been revised upward by 6 cents in the past 60 days. The long-term earnings growth rate of PRGS is pegged at 2%.
Progress Software’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 26.8%. Shares of PRGS have lost 1.6% in the past year.
Badger Meter has a projected earnings growth rate of 5.77% for 2022. The Zacks Consensus Estimate for Badger Meter’s 2022 earnings has been revised upward by 19 cents in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and met estimates once, the average surprise being 14%. Shares of BMI have lost 5.1% in the past year.
NETGEAR has a projected earnings growth rate of 31.46% for 2023. The Zacks Consensus Estimate for NETGEAR’s 2023 earnings has been revised downward by 7 cents in the past 90 days.
NETGEAR’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and missed estimates once, the average surprise being 35.5%. Shares of NTGR have dipped 45.8% in the past year.
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Here's Why Iridium (IRDM) is an Attractive Pick Right Now
Iridium Communications (IRDM - Free Report) is one stock investors may consider powering their portfolio with to shrug off the impacts of the current highly volatile market environment and make some gains from its upside potential. The company currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wall Street has been witnessing high volatility since the beginning of 2022 owing to multiple factors, including the pandemic, rising inflationary concerns, skyrocketing crude oil prices and a hawkish policy adopted by the Fed. Escalating tensions between Russia and Ukraine have further aggravated this volatility over the past few days.
The global macroeconomic and geopolitical uncertainties are likely to continue weighing on investor sentiments, resulting in more volatility in the U.S. equity market.
Nonetheless, this market uncertainty has also created buying opportunities for investors. In the current scenario, investors can bet on stocks with healthy fundamentals that can stay afloat and grow once the impact of the global macroeconomic and geopolitical uncertainties cool down.
Why Should One Bet on IRDM?
Shares of Iridium have lost 14.5% in the past six months, while the stock is down 22.5% from its 52-week high level of $48.95 attained on Sep 7, 2021, making it more affordable for investors.
Image Source: Zacks Investment Research
Additionally, Iridium has spectacular growth expectations. The Zacks Consensus Estimate of earnings 12 cents per share for 2022 suggests growth of approximately 271.4% from the year-ago period. For 2023, the consensus mark for earnings is pegged at 30 cents per share, indicating a year-over-year increase of 147.9%.
Iridium has an impressive earnings surprise history. The company outpaced estimates in two of the trailing four quarters and met estimates twice, delivering an average earnings surprise of 39.4%.
The company has been witnessing northbound earnings estimate revisions of late. During the past 30 days, the Zacks Consensus Estimate for 2022 and 2023 earnings has moved north by 1 cent and 3 cents, respectively.
Robust Growth Drivers to Aid IRDM
Headquartered in McLean, VA, Iridium is the only satellite communications company that offers dedicated commercial global voice and data communications.
Being the sole provider of mobile voice and data satellite communications network, Iridium benefits from a highly lucrative recurring service revenue base. The company has witnessed a steady subscriber growth driven by the demand for consumer-oriented devices.
The mobile and satellite communications services provider’s commercial business is considered the primary driver of long-term growth. It serves a diversified customer base and sectors such as maritime, aviation, government, utilities, oil and gas, mining, heavy equipment, construction and transportation with its unique L-band satellite network.
Iridium’s mobile and satellite communication network leverages the advanced interlinked mesh architecture of 66 operational satellites to provide a global reach of its services across numerous territories. The company believes in the philosophy of delivering cost-effective and competitive broadband services through its highly-lauded Iridium Certus technology. The technology delivers a wide array of services, ranging from voice to a high-throughput L-band data connection to meet the burgeoning demands of customers. The satellite communications company has also teamed up with Amazon Web Services to create a cloud-based solution, Iridium CloudConnect, to bolster global coverage for Internet of Things applications. All these factors augur well for its long-term growth.
Other Key Picks
Other top-ranked from the broader technology space include Progress Software (PRGS - Free Report) , Badger Meter (BMI - Free Report) and NETGEAR (NTGR - Free Report) . While Badger Meter and Progress Software sport a Zacks Rank #1, NETGEAR carries a Zacks Rank #2.
Progress Software has a projected earnings growth rate of 3.62% for fiscal 2022. The Zacks Consensus Estimate for Progress Software’s fiscal 2022 earnings has been revised upward by 6 cents in the past 60 days. The long-term earnings growth rate of PRGS is pegged at 2%.
Progress Software’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 26.8%. Shares of PRGS have lost 1.6% in the past year.
Badger Meter has a projected earnings growth rate of 5.77% for 2022. The Zacks Consensus Estimate for Badger Meter’s 2022 earnings has been revised upward by 19 cents in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and met estimates once, the average surprise being 14%. Shares of BMI have lost 5.1% in the past year.
NETGEAR has a projected earnings growth rate of 31.46% for 2023. The Zacks Consensus Estimate for NETGEAR’s 2023 earnings has been revised downward by 7 cents in the past 90 days.
NETGEAR’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and missed estimates once, the average surprise being 35.5%. Shares of NTGR have dipped 45.8% in the past year.