BidaskClub Downgrades Orbcomm (ORBC) to Strong Sell

Orbcomm (NASDAQ:ORBC) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday.

A number of other equities analysts have also weighed in on ORBC. Chardan Capital reiterated a “buy” rating on shares of Orbcomm in a research report on Sunday, March 4th. Roth Capital began coverage on shares of Orbcomm in a research report on Friday, February 2nd. They set a “buy” rating and a $14.00 target price for the company. Canaccord Genuity cut their target price on shares of Orbcomm from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, March 2nd. Finally, Zacks Investment Research lowered shares of Orbcomm from a “hold” rating to a “sell” rating in a research report on Wednesday, March 7th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Orbcomm has an average rating of “Hold” and an average price target of $13.80.

Orbcomm opened at $9.43 on Thursday, according to Marketbeat Ratings. The stock has a market cap of $737.96 million, a P/E ratio of -11.23 and a beta of 0.97. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.01 and a quick ratio of 1.34. Orbcomm has a fifty-two week low of $9.31 and a fifty-two week high of $9.39.

Orbcomm (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, May 3rd. The technology company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). The company had revenue of $67.97 million for the quarter, compared to the consensus estimate of $67.60 million. Orbcomm had a negative net margin of 25.17% and a negative return on equity of 12.88%. Orbcomm’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. analysts predict that Orbcomm will post -0.23 earnings per share for the current year.

In other Orbcomm news, CFO Robert G. Costantini sold 3,532 shares of the stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $10.23, for a total transaction of $36,132.36. Following the completion of the transaction, the chief financial officer now owns 203,746 shares in the company, valued at $2,084,321.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerome B. Eisenberg sold 5,000 shares of the stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $9.21, for a total transaction of $46,050.00. Following the transaction, the director now owns 959,998 shares of the company’s stock, valued at approximately $8,841,581.58. The disclosure for this sale can be found here. Insiders have sold 29,875 shares of company stock valued at $294,945 in the last quarter. Company insiders own 7.80% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ORBC. Allianz Asset Management GmbH boosted its position in shares of Orbcomm by 294.2% in the fourth quarter. Allianz Asset Management GmbH now owns 1,283,386 shares of the technology company’s stock valued at $13,065,000 after acquiring an additional 957,783 shares during the period. Kennedy Capital Management Inc. bought a new position in shares of Orbcomm in the fourth quarter valued at approximately $7,739,000. Millennium Management LLC boosted its position in shares of Orbcomm by 1,095.0% in the first quarter. Millennium Management LLC now owns 792,507 shares of the technology company’s stock valued at $7,426,000 after acquiring an additional 726,191 shares during the period. Pembroke Management LTD bought a new position in shares of Orbcomm in the fourth quarter valued at approximately $6,842,000. Finally, Thrivent Financial For Lutherans bought a new position in shares of Orbcomm in the fourth quarter valued at approximately $4,803,000. Institutional investors own 70.61% of the company’s stock.

Orbcomm Company Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, 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.

Analyst Recommendations for Orbcomm (NASDAQ:ORBC)

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