ORBCOMM (NASDAQ:ORBC) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Saturday.
A number of other research firms have also recently weighed in on ORBC. Zacks Investment Research cut ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Northland Securities set a $15.00 price target on ORBCOMM and gave the stock a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $13.42.
ORBCOMM (NASDAQ:ORBC) opened at $11.66 on Friday. ORBCOMM has a 1-year low of $7.77 and a 1-year high of $11.99. The firm has a market capitalization of $838.77, a price-to-earnings ratio of -14.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.79 and a quick ratio of 2.21.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The company had revenue of $69.37 million during the quarter, compared to analyst estimates of $65.62 million. During the same period last year, the firm earned ($0.04) earnings per share. The business’s revenue was up 49.9% compared to the same quarter last year. equities research analysts anticipate that ORBCOMM will post -0.84 EPS for the current year.
In related news, EVP John J. Stolte, Jr. sold 39,230 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total value of $409,953.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total value of $80,220.00. Following the completion of the transaction, the director now owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The disclosure for this sale can be found here. Insiders sold 97,224 shares of company stock valued at $1,043,980 over the last quarter. Insiders own 9.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in ORBCOMM in the third quarter valued at $107,000. PNC Financial Services Group Inc. acquired a new position in ORBCOMM in the second quarter valued at $120,000. Principal Financial Group Inc. increased its stake in ORBCOMM by 4.7% in the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after purchasing an additional 569 shares during the last quarter. Bank of Montreal Can acquired a new position in ORBCOMM in the fourth quarter valued at $143,000. Finally, Highbridge Capital Management LLC acquired a new position in ORBCOMM in the third quarter valued at $155,000. Hedge funds and other institutional investors own 77.83% of the company’s stock.
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ORBCOMM Company Profile
ORBCOMM Inc is a provider of Internet of Things (IoT) solutions, including network connectivity, devices, device management and Web reporting applications. The Company’s IoT products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, sea containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime and government.
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