JPMorgan Chase & Co. acquired a new stake in ORBCOMM Inc (NASDAQ:ORBC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 29,018 shares of the technology company’s stock, valued at approximately $306,000.
A number of other institutional investors also recently added to or reduced their stakes in the business. Eagle Asset Management Inc. boosted its position in ORBCOMM by 5.2% in the 3rd quarter. Eagle Asset Management Inc. now owns 671,090 shares of the technology company’s stock valued at $7,267,000 after buying an additional 32,916 shares during the period. Wasatch Advisors Inc. boosted its position in ORBCOMM by 25.7% in the 3rd quarter. Wasatch Advisors Inc. now owns 216,222 shares of the technology company’s stock valued at $2,264,000 after buying an additional 44,222 shares during the period. Cortina Asset Management LLC boosted its position in ORBCOMM by 31.6% in the 3rd quarter. Cortina Asset Management LLC now owns 818,622 shares of the technology company’s stock valued at $8,571,000 after buying an additional 196,719 shares during the period. SG Americas Securities LLC purchased a new stake in ORBCOMM in the 3rd quarter valued at about $107,000. Finally, Hood River Capital Management LLC boosted its position in ORBCOMM by 14.6% in the 3rd quarter. Hood River Capital Management LLC now owns 1,329,991 shares of the technology company’s stock valued at $13,925,000 after buying an additional 168,967 shares during the period. 77.83% of the stock is owned by institutional investors.
Shares of ORBCOMM Inc (NASDAQ ORBC) opened at $11.51 on Friday. ORBCOMM Inc has a 52-week low of $7.77 and a 52-week high of $11.99. The firm has a market cap of $838.77, a P/E ratio of -14.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.79 and a quick ratio of 2.21.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The business had revenue of $69.37 million during the quarter, compared to analysts’ expectations of $65.62 million. During the same period in the previous year, the company posted ($0.04) EPS. ORBCOMM’s revenue for the quarter was up 49.9% on a year-over-year basis. research analysts expect that ORBCOMM Inc will post -0.84 earnings per share for the current fiscal year.
Several equities research analysts have issued reports on the stock. Northland Securities set a $15.00 price objective on shares of ORBCOMM and gave the company a “buy” rating in a research report on Tuesday. BidaskClub raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, January 5th. Finally, Zacks Investment Research cut shares of ORBCOMM from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $13.42.
In related news, EVP Craig Malone sold 7,923 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $10.89, for a total transaction of $86,281.47. Following the completion of the transaction, the executive vice president now owns 33,496 shares in the company, valued at approximately $364,771.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $10.67, for a total transaction of $74,690.00. The disclosure for this sale can be found here. Insiders sold a total of 97,224 shares of company stock valued at $1,043,980 in the last ninety 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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