ORBCOMM Inc (NASDAQ:ORBC) was downgraded by equities research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued on Thursday, May 11th.
A number of other analysts have also recently commented on the stock. Chardan Capital reiterated a “buy” rating and issued a $11.50 target price on shares of ORBCOMM in a research note on Thursday, March 2nd. Benchmark Co. initiated coverage on shares of ORBCOMM in a research note on Tuesday, April 25th. They set a “buy” rating and a $13.00 price objective for the company. Zacks Investment Research cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. Finally, Canaccord Genuity restated a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a research note on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $12.83.
ORBCOMM (ORBC) opened at 10.42 on Thursday. The stock’s 50 day moving average is $9.74 and its 200-day moving average is $8.95. The company’s market cap is $746.78 million. ORBCOMM has a 52-week low of $7.15 and a 52-week high of $10.98.
ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Thursday, May 4th. The technology company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). ORBCOMM had a negative net margin of 10.86% and a negative return on equity of 2.86%. The business had revenue of $51.90 million for the quarter, compared to the consensus estimate of $48.59 million. During the same quarter last year, the firm posted ($0.03) EPS. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. Equities research analysts predict that ORBCOMM will post ($0.20) EPS for the current fiscal year.
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In related news, CEO Marc Eisenberg sold 7,997 shares of the business’s stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $10.01, for a total value of $80,049.97. Following the completion of the sale, the chief executive officer now owns 262,324 shares of the company’s stock, valued at approximately $2,625,863.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 39,301 shares of company stock valued at $382,047. 9.50% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. Gamco Investors INC. ET AL boosted its stake in shares of ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock valued at $538,000 after buying an additional 165 shares during the period. Principal Financial Group Inc. boosted its stake in shares of ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after buying an additional 447 shares during the period. Paloma Partners Management Co boosted its stake in shares of ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after buying an additional 644 shares during the period. Cortina Asset Management LLC boosted its stake in shares of ORBCOMM by 0.3% in the first quarter. Cortina Asset Management LLC now owns 683,071 shares of the technology company’s stock valued at $6,523,000 after buying an additional 2,012 shares during the period. Finally, Mutual of America Capital Management LLC boosted its stake in shares of ORBCOMM by 0.3% in the third quarter. Mutual of America Capital Management LLC now owns 761,715 shares of the technology company’s stock valued at $7,808,000 after buying an additional 2,049 shares during the period. 80.70% of the stock is currently owned by institutional investors.
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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