Shares of ORBCOMM Inc. (NASDAQ:ORBC) traded up 7.5% on Thursday . The company traded as high as $8.00 and last traded at $7.42. 5,626,545 shares traded hands during trading, an increase of 633% from the average session volume of 767,658 shares. The stock had previously closed at $6.90.
A number of research analysts have weighed in on the stock. Northland Securities boosted their price objective on shares of ORBCOMM from $6.00 to $10.00 in a research report on Monday, December 21st. ValuEngine lowered shares of ORBCOMM from a “buy” rating to a “hold” rating in a research note on Monday, November 2nd. Raymond James boosted their target price on shares of ORBCOMM to $8.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 29th. Canaccord Genuity boosted their target price on shares of ORBCOMM from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Finally, Zacks Investment Research raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.75 price objective for the company in a research note on Thursday, December 24th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. ORBCOMM has an average rating of “Buy” and a consensus target price of $156.95.
The firm has a market capitalization of $578.87 million, a PE ratio of -28.54 and a beta of 1.20. The company’s 50-day simple moving average is $6.43 and its 200 day simple moving average is $4.58. The company has a quick ratio of 2.53, a current ratio of 3.28 and a debt-to-equity ratio of 1.10.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings results on Wednesday, October 28th. The technology company reported ($0.07) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. ORBCOMM had a negative net margin of 7.71% and a negative return on equity of 8.66%. The business had revenue of $61.74 million during the quarter, compared to analyst estimates of $60.40 million. On average, sell-side analysts forecast that ORBCOMM Inc. will post -0.35 earnings per share for the current fiscal year.
In other news, Director Jerome B. Eisenberg sold 50,000 shares of the stock in a transaction that occurred on Friday, December 11th. The stock was sold at an average price of $6.70, for a total transaction of $335,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.74% of the company’s stock.
Large investors have recently made changes to their positions in the company. Bank of Montreal Can increased its holdings in shares of ORBCOMM by 749.0% in the second quarter. Bank of Montreal Can now owns 9,254 shares of the technology company’s stock valued at $33,000 after purchasing an additional 8,164 shares during the period. Virtu Financial LLC purchased a new position in ORBCOMM during the third quarter worth about $35,000. Meridian Wealth Advisors LLC purchased a new position in ORBCOMM during the third quarter worth about $37,000. Griffin Asset Management Inc. purchased a new position in ORBCOMM during the second quarter worth about $47,000. Finally, Jane Street Group LLC purchased a new position in ORBCOMM during the third quarter worth about $56,000. Hedge funds and other institutional investors own 68.28% of the company’s stock.
About ORBCOMM (NASDAQ:ORBC)
ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as 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 transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.
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