ORBCOMM Inc (NASDAQ:ORBC) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 4,940,000 shares, a growth of 14.4% from the September 30th total of 4,320,000 shares. Approximately 6.7% of the company’s shares are short sold. Based on an average daily trading volume, of 894,500 shares, the short-interest ratio is presently 5.5 days.
Shares of ORBC traded down $0.10 during mid-day trading on Friday, hitting $4.06. The stock had a trading volume of 451,800 shares, compared to its average volume of 959,790. The business has a fifty day moving average price of $4.51 and a 200-day moving average price of $6.02. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.77 and a quick ratio of 2.14. ORBCOMM has a 52 week low of $3.58 and a 52 week high of $9.93. The firm has a market cap of $325.67 million, a P/E ratio of -12.30 and a beta of 1.01.
ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Wednesday, October 30th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $69.19 million for the quarter, compared to analyst estimates of $71.43 million. ORBCOMM had a negative net margin of 8.03% and a negative return on equity of 8.61%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) EPS. As a group, research analysts expect that ORBCOMM will post -0.24 earnings per share for the current fiscal year.
In other news, Director John E. Major purchased 20,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of $4.30 per share, for a total transaction of $86,000.00. Following the completion of the acquisition, the director now owns 121,617 shares of the company’s stock, valued at $522,953.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Constantine Milcos purchased 15,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average price of $5.25 per share, with a total value of $78,750.00. Following the acquisition, the chief financial officer now directly owns 48,367 shares of the company’s stock, valued at approximately $253,926.75. The disclosure for this purchase can be found here. Insiders have acquired 53,000 shares of company stock valued at $246,110 in the last 90 days. Company insiders own 7.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in ORBCOMM by 34.3% in the 2nd quarter. Vanguard Group Inc. now owns 5,321,847 shares of the technology company’s stock valued at $38,583,000 after buying an additional 1,360,466 shares during the period. Bank of America Corp DE increased its stake in shares of ORBCOMM by 551.5% in the 2nd quarter. Bank of America Corp DE now owns 846,011 shares of the technology company’s stock valued at $6,133,000 after acquiring an additional 716,163 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of ORBCOMM in the 2nd quarter valued at about $4,498,000. Morgan Stanley increased its stake in shares of ORBCOMM by 915.8% in the 2nd quarter. Morgan Stanley now owns 643,090 shares of the technology company’s stock valued at $4,663,000 after acquiring an additional 579,784 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of ORBCOMM in the 3rd quarter valued at about $1,364,000. Institutional investors and hedge funds own 87.93% of the company’s stock.
A number of brokerages have weighed in on ORBC. Zacks Investment Research cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Craig Hallum raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 target price on the stock in a report on Thursday, August 22nd. Finally, BidaskClub raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $8.75.
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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