BidaskClub Upgrades ORBCOMM (ORBC) to “Hold”
BidaskClub upgraded shares of ORBCOMM (NASDAQ:ORBC) from a sell rating to a hold rating in a research report released on Friday morning.
A number of other equities analysts have also commented on ORBC. Canaccord Genuity raised their price objective on ORBCOMM from $14.00 to $16.00 and gave the stock a buy rating in a research note on Monday, September 11th. Zacks Investment Research lowered ORBCOMM from a hold rating to a sell rating in a research note on Wednesday, October 4th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $13.08.
ORBCOMM (NASDAQ ORBC) remained flat at $$10.91 during trading on Friday. The company’s stock had a trading volume of 852,803 shares, compared to its average volume of 1,123,740. ORBCOMM has a 12 month low of $7.77 and a 12 month high of $11.99. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. The stock has a market cap of $811.65, a P/E ratio of -13.99 and a beta of 0.84.
ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) EPS for the quarter, missing the Zacks’ 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 company had revenue of $69.37 million for the quarter, compared to the consensus estimate of $65.62 million. During the same quarter last year, the business earned ($0.04) EPS. ORBCOMM’s revenue was up 49.9% on a year-over-year basis. equities analysts anticipate that ORBCOMM will post -0.84 earnings per share for the current year.
In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total value of $80,220.00. Following the sale, the director now owns 967,363 shares of the company’s stock, valued at approximately $11,085,979.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $10.45, for a total value of $409,953.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,230 shares of company stock worth $564,864. Company insiders own 9.50% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP boosted its holdings in shares of ORBCOMM by 320.6% in the 3rd quarter. GSA Capital Partners LLP now owns 83,945 shares of the technology company’s stock valued at $879,000 after purchasing an additional 63,988 shares in the last quarter. Griffin Asset Management Inc. acquired a new stake in shares of ORBCOMM in the 3rd quarter valued at $3,772,000. Highbridge Capital Management LLC acquired a new stake in shares of ORBCOMM in the 3rd quarter valued at $155,000. Boothbay Fund Management LLC boosted its holdings in shares of ORBCOMM by 14.8% in the 3rd quarter. Boothbay Fund Management LLC now owns 228,858 shares of the technology company’s stock valued at $2,396,000 after purchasing an additional 29,580 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of ORBCOMM by 78.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 325,603 shares of the technology company’s stock valued at $3,409,000 after purchasing an additional 143,033 shares in the last quarter. 77.83% 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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