Zacks Investment Research upgraded shares of ORBCOMM Inc. (NASDAQ:ORBC) from a hold rating to a buy rating in a report published on Friday. Zacks Investment Research currently has $13.00 price target on the technology company’s stock.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
Other research analysts have also recently issued research reports about the stock. Canaccord Genuity reiterated a buy rating and issued a $14.00 price target on shares of ORBCOMM in a report on Tuesday, April 11th. ValuEngine upgraded shares of ORBCOMM from a sell rating to a hold rating in a report on Friday, June 2nd. Benchmark Co. assumed coverage on shares of ORBCOMM in a research note on Tuesday, April 25th. They issued a buy rating and a $13.00 price target for the company. Finally, Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the company a buy rating in a research note on Tuesday, June 13th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $12.90.
Shares of ORBCOMM (ORBC) traded down 0.35% during midday trading on Friday, hitting $11.51. 362,940 shares of the company’s stock traded hands. ORBCOMM has a 1-year low of $7.15 and a 1-year high of $11.62. The company has a 50 day moving average price of $10.44 and a 200 day moving average price of $9.26. The firm’s market capitalization is $824.90 million.
ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Thursday, May 4th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.05). ORBCOMM had a negative net margin of 12.69% and a negative return on equity of 4.69%. The company had revenue of $51.90 million for the quarter, compared to analyst estimates of $48.59 million. During the same period in the prior year, the business earned ($0.03) earnings per share. ORBCOMM’s quarterly revenue was up 19.0% on a year-over-year basis. Equities analysts anticipate that ORBCOMM will post ($0.24) earnings per share for the current year.
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In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $11.18, for a total transaction of $78,260.00. Following the sale, the director now directly owns 962,780 shares of the company’s stock, valued at $10,763,880.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Marc Eisenberg sold 7,997 shares of the company’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $10.01, for a total transaction of $80,049.97. Following the sale, the chief executive officer now directly owns 262,324 shares in the company, valued at $2,625,863.24. The disclosure for this sale can be found here. Insiders sold a total of 51,301 shares of company stock worth $537,250 over the last three months. 9.50% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in ORBC. Columbia Partners L L C Investment Management acquired a new stake in ORBCOMM during the first quarter valued at approximately $962,000. Jane Street Group LLC acquired a new stake in ORBCOMM during the first quarter valued at approximately $518,000. Paloma Partners Management Co increased its stake in ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after buying an additional 644 shares during the period. Raging Capital Management LLC increased its stake in ORBCOMM by 12.8% in the first quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock valued at $11,927,000 after buying an additional 141,660 shares during the period. Finally, Weiss Multi Strategy Advisers LLC acquired a new stake in ORBCOMM during the first quarter valued at approximately $2,626,000. 80.79% of the stock is currently owned by institutional investors and hedge funds.
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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