ORBCOMM Inc (NASDAQ:ORBC) shares hit a new 52-week high and low during trading on Friday . The company traded as low as $8.63 and last traded at $8.84, with a volume of 843244 shares changing hands. The stock had previously closed at $9.22.
A number of brokerages have recently commented on ORBC. BidaskClub lowered ORBCOMM from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Chardan Capital reissued a “buy” rating on shares of ORBCOMM in a report on Sunday, March 4th. Roth Capital began coverage on ORBCOMM in a report on Friday, February 2nd. They set a “buy” rating and a $14.00 price objective on the stock. Canaccord Genuity lowered their price objective on ORBCOMM from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, March 2nd. Finally, Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $13.67.
The firm has a market cap of $689.21, a PE ratio of -10.54 and a beta of 0.94. The company has a quick ratio of 1.46, a current ratio of 2.08 and a debt-to-equity ratio of 1.00.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, March 1st. The technology company reported ($0.10) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.10). The firm had revenue of $75.98 million for the quarter, compared to analyst estimates of $71.68 million. ORBCOMM had a negative return on equity of 10.07% and a negative net margin of 24.11%. The company’s revenue was up 62.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) EPS. equities research analysts predict that ORBCOMM Inc will post -0.19 earnings per share for the current year.
In other ORBCOMM news, Director Jerome B. Eisenberg sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $9.21, for a total value of $46,050.00. Following the sale, the director now owns 959,998 shares of the company’s stock, valued at approximately $8,841,581.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Eisenberg sold 11,770 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $10.23, for a total value of $120,407.10. Following the completion of the sale, the chief executive officer now directly owns 378,278 shares in the company, valued at approximately $3,869,783.94. The disclosure for this sale can be found here. Insiders sold a total of 28,675 shares of company stock worth $284,145 in the last ninety days. Insiders own 7.80% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in ORBCOMM in the 3rd quarter valued at approximately $107,000. Bank of Montreal Can acquired a new stake in ORBCOMM in the 4th quarter valued at approximately $143,000. Highbridge Capital Management LLC acquired a new stake in ORBCOMM in the 3rd quarter valued at approximately $155,000. CIBC World Markets Inc. acquired a new stake in ORBCOMM in the 4th quarter valued at approximately $158,000. Finally, Jefferies Group LLC bought a new stake in shares of ORBCOMM in the 4th quarter worth approximately $175,000. 75.29% of the stock is currently owned by hedge funds and other institutional investors.
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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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