ORBCOMM (ORBC) Upgraded to Sell by BidaskClub

BidaskClub upgraded shares of ORBCOMM (NASDAQ:ORBC) from a strong sell rating to a sell rating in a research note released on Saturday morning.

Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded ORBCOMM from a hold rating to a sell rating in a research note on Friday, November 2nd. ValuEngine downgraded ORBCOMM from a buy rating to a hold rating in a research note on Saturday, October 27th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $14.00.

Shares of NASDAQ:ORBC opened at $10.35 on Friday. ORBCOMM has a 12-month low of $8.43 and a 12-month high of $11.95. The company has a current ratio of 2.80, a quick ratio of 2.16 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $794.38 million, a PE ratio of -12.32 and a beta of 1.08.

ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Tuesday, October 30th. The technology company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. ORBCOMM had a negative return on equity of 10.94% and a negative net margin of 9.84%. The firm had revenue of $71.04 million for the quarter, compared to the consensus estimate of $75.37 million. During the same period in the previous year, the business earned ($0.10) EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts forecast that ORBCOMM will post -0.28 EPS for the current year.

In related news, Director Jerome B. Eisenberg sold 5,000 shares of the business’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $9.49, for a total transaction of $47,450.00. Following the transaction, the director now directly owns 925,305 shares in the company, valued at approximately $8,781,144.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 15,000 shares of company stock worth $155,450. 7.80% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of ORBC. Wells Fargo & Company MN lifted its position in ORBCOMM by 7.3% during the 1st quarter. Wells Fargo & Company MN now owns 319,646 shares of the technology company’s stock worth $2,994,000 after acquiring an additional 21,859 shares during the period. Northern Trust Corp lifted its position in ORBCOMM by 2.7% during the 1st quarter. Northern Trust Corp now owns 941,106 shares of the technology company’s stock worth $8,818,000 after acquiring an additional 25,023 shares during the period. A.R.T. Advisors LLC acquired a new stake in ORBCOMM during the 1st quarter worth about $182,000. LPL Financial LLC acquired a new stake in ORBCOMM during the 1st quarter worth about $211,000. Finally, Millennium Management LLC lifted its position in ORBCOMM by 1,095.0% during the 1st quarter. Millennium Management LLC now owns 792,507 shares of the technology company’s stock worth $7,426,000 after acquiring an additional 726,191 shares during the period. 76.69% of the stock is owned by institutional investors.

About ORBCOMM

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.

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