Cortina Asset Management LLC increased its stake in ORBCOMM Inc. (NASDAQ:ORBC) by 31.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 818,622 shares of the technology company’s stock after acquiring an additional 196,719 shares during the quarter. Cortina Asset Management LLC owned about 1.10% of ORBCOMM worth $8,571,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Verition Fund Management LLC acquired a new position in shares of ORBCOMM during the second quarter worth approximately $254,000. Granite Point Capital Management L.P. acquired a new position in shares of ORBCOMM during the second quarter worth approximately $565,000. Dimensional Fund Advisors LP raised its position in shares of ORBCOMM by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,014,327 shares of the technology company’s stock worth $45,362,000 after purchasing an additional 95,586 shares during the period. Bank of Nova Scotia acquired a new position in shares of ORBCOMM during the second quarter worth approximately $314,000. Finally, Wells Fargo & Company MN raised its position in shares of ORBCOMM by 58.4% during the second quarter. Wells Fargo & Company MN now owns 214,738 shares of the technology company’s stock worth $2,426,000 after purchasing an additional 79,134 shares during the period. 77.83% of the stock is currently owned by institutional investors.
Shares of ORBCOMM Inc. (NASDAQ:ORBC) traded down $0.30 during trading on Thursday, reaching $10.12. The company had a trading volume of 1,035,367 shares, compared to its average volume of 549,991. The company has a quick ratio of 2.21, a current ratio of 2.79 and a debt-to-equity ratio of 0.99. ORBCOMM Inc. has a 1-year low of $7.77 and a 1-year high of $11.99.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The business had revenue of $69.37 million during the quarter, compared to the consensus estimate of $65.62 million. ORBCOMM had a negative net margin of 25.32% and a negative return on equity of 8.01%. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) EPS. equities analysts anticipate that ORBCOMM Inc. will post -0.84 EPS for the current year.
A number of brokerages have recently weighed in on ORBC. Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Northland Securities set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research report on Monday, August 28th. Canaccord Genuity upped their target price on ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, September 11th. Finally, ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $13.25.
In other news, EVP John J. Stolte, Jr. sold 39,230 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total transaction of $409,953.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total value of $80,220.00. Following the transaction, the director now owns 967,363 shares of the company’s stock, valued at approximately $11,085,979.98. The disclosure for this sale can be found here. Insiders sold a total of 60,230 shares of company stock valued at $638,714 in the last 90 days. Corporate insiders own 9.50% of the company’s stock.
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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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