Jerome B. Eisenberg Sells 7,000 Shares of ORBCOMM Inc. (ORBC) Stock
ORBCOMM Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total value of $80,220.00. Following the transaction, the director now directly 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 Securities & Exchange Commission, which is available at the SEC website.
ORBCOMM Inc. (NASDAQ:ORBC) opened at $9.74 on Friday. ORBCOMM Inc. has a twelve month low of $7.42 and a twelve month high of $11.99. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.28 and a current ratio of 2.76.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative net margin of 25.32% and a negative return on equity of 7.77%. The company had revenue of $69.37 million for the quarter, compared to the consensus estimate of $65.62 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. ORBCOMM’s revenue was up 49.9% compared to the same quarter last year. research analysts anticipate that ORBCOMM Inc. will post -0.38 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ORBC. Principal Financial Group Inc. increased its holdings in ORBCOMM by 3.9% in the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after buying an additional 447 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in ORBCOMM in the 2nd quarter worth about $120,000. Legal & General Group Plc increased its holdings in ORBCOMM by 4.4% in the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after buying an additional 670 shares in the last quarter. Paloma Partners Management Co increased its holdings in ORBCOMM by 3.3% in the 1st quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after buying an additional 644 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in ORBCOMM in the 3rd quarter worth about $218,000. Institutional investors own 77.49% of the company’s stock.
ORBC has been the subject of several analyst reports. Zacks Investment Research upgraded ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Friday, July 14th. Canaccord Genuity raised their price target on ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday, September 11th. Northland Securities set a $13.00 price target on ORBCOMM and gave the company a “buy” rating in a report on Monday, August 28th. Finally, ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $13.25.
ORBCOMM Company Profile
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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