ORBCOMM (NASDAQ:ORBC) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Thursday.
Several other equities research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Canaccord Genuity upped their price target on shares of ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, September 11th. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a research report on Monday, August 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.25.
Shares of ORBCOMM (NASDAQ ORBC) opened at $9.91 on Thursday. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. ORBCOMM has a 12-month low of $7.77 and a 12-month high of $11.99.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The firm had revenue of $69.37 million during the quarter, compared to analysts’ expectations 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 was up 49.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) EPS. sell-side analysts forecast that ORBCOMM will post -0.84 EPS for the current fiscal year.
In other ORBCOMM news, EVP John J. Stolte, Jr. sold 39,230 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were 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 SEC, which is available at this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total transaction of $80,220.00. Following the completion of the transaction, the director now owns 967,363 shares in the company, valued at approximately $11,085,979.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,230 shares of company stock worth $638,714. Company insiders own 9.50% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ORBC. SG Americas Securities LLC acquired a new position in shares of ORBCOMM during the 3rd quarter worth $107,000. PNC Financial Services Group Inc. acquired a new position in shares of ORBCOMM during the 2nd quarter worth $120,000. Principal Financial Group Inc. increased its stake in shares of ORBCOMM by 4.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock worth $142,000 after purchasing an additional 569 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of ORBCOMM during the 3rd quarter worth $155,000. Finally, Legal & General Group Plc increased its stake in shares of ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after purchasing an additional 670 shares during the last quarter. 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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