ORBCOMM (NASDAQ:ORBC) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “

Separately, BidaskClub upgraded shares of ORBCOMM from a hold rating to a buy rating in a research report on Saturday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $9.25.

Shares of NASDAQ ORBC opened at $5.19 on Tuesday. The firm’s 50-day simple moving average is $7.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.04 and a quick ratio of 2.42. The stock has a market cap of $411.53 million, a PE ratio of -15.73 and a beta of 0.99. ORBCOMM has a 12-month low of $5.01 and a 12-month high of $11.25.

ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Wednesday, July 31st. The technology company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $67.10 million for the quarter, compared to analysts’ expectations of $67.40 million. ORBCOMM had a negative net margin of 7.71% and a negative return on equity of 8.16%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) EPS. On average, equities analysts forecast that ORBCOMM will post -0.22 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the stock. Capital Fund Management S.A. purchased a new stake in shares of ORBCOMM in the 2nd quarter valued at approximately $82,000. Amalgamated Bank purchased a new stake in shares of ORBCOMM in the 4th quarter valued at approximately $92,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of ORBCOMM in the 2nd quarter valued at approximately $95,000. BNP Paribas Arbitrage SA raised its stake in shares of ORBCOMM by 58,476.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 15,230 shares of the technology company’s stock valued at $103,000 after acquiring an additional 15,204 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of ORBCOMM by 10.5% in the 4th quarter. Legal & General Group Plc now owns 12,907 shares of the technology company’s stock valued at $107,000 after acquiring an additional 1,231 shares during the period. 86.52% of the stock is currently owned by institutional investors.

ORBCOMM Company Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters in transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.

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Analyst Recommendations for ORBCOMM (NASDAQ:ORBC)

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