Short Interest in ORBCOMM Inc (NASDAQ:ORBC) Expands By 14.4%
ORBCOMM Inc (NASDAQ:ORBC) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 4,940,000 shares, a growth of 14.4% from the September 30th total of 4,320,000 shares. Currently, 6.7% of the shares of the stock are short sold. Based on an average daily volume of 894,500 shares, the days-to-cover ratio is currently 5.5 days.
In other ORBCOMM news, CEO Marc Eisenberg purchased 18,000 shares of the stock in a transaction dated Monday, November 4th. The shares were acquired at an average cost of $4.52 per share, for a total transaction of $81,360.00. Also, CFO Constantine Milcos acquired 15,000 shares of ORBCOMM stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average cost of $5.25 per share, for a total transaction of $78,750.00. Following the purchase, the chief financial officer now directly owns 48,367 shares of the company’s stock, valued at approximately $253,926.75. The disclosure for this purchase can be found here. Insiders bought 53,000 shares of company stock worth $246,110 over the last quarter. Company insiders own 7.30% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC bought a new position in shares of ORBCOMM in the 2nd quarter worth about $95,000. Morgan Stanley lifted its position in shares of ORBCOMM by 915.8% in the 2nd quarter. Morgan Stanley now owns 643,090 shares of the technology company’s stock worth $4,663,000 after buying an additional 579,784 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of ORBCOMM by 7.1% in the 3rd quarter. Gabelli Funds LLC now owns 60,000 shares of the technology company’s stock worth $286,000 after buying an additional 4,000 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of ORBCOMM by 7.9% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 2,641,216 shares of the technology company’s stock worth $19,149,000 after buying an additional 194,201 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of ORBCOMM by 34.3% in the 2nd quarter. Vanguard Group Inc. now owns 5,321,847 shares of the technology company’s stock worth $38,583,000 after buying an additional 1,360,466 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.
NASDAQ:ORBC traded down $0.10 during trading hours on Friday, reaching $4.06. 451,800 shares of the company were exchanged, compared to its average volume of 959,790. The firm has a market cap of $325.67 million, a price-to-earnings ratio of -12.30 and a beta of 1.01. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.77 and a quick ratio of 2.14. ORBCOMM has a 52-week low of $3.58 and a 52-week high of $9.93. The stock has a 50 day simple moving average of $4.51 and a 200 day simple moving average of $6.02.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported ($0.05) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.05). The company had revenue of $69.19 million during the quarter, compared to analyst estimates of $71.43 million. ORBCOMM had a negative net margin of 8.03% and a negative return on equity of 8.61%. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the business earned ($0.04) EPS. On average, analysts predict that ORBCOMM will post -0.24 EPS for the current fiscal year.
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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