Zacks Investment Research upgraded shares of ORBCOMM Inc. (NASDAQ:ORBC) from a hold rating to a buy rating in a research report released on Friday, July 14th. The brokerage currently has $13.00 price objective 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. “
ORBC has been the subject of a number of other reports. ValuEngine lowered shares of ORBCOMM from a sell rating to a strong sell rating in a research report on Thursday, May 11th. Canaccord Genuity reiterated a buy rating and issued a $14.00 price target on shares of ORBCOMM in a research report on Tuesday, April 11th. Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the stock a buy rating in a research report on Tuesday, June 13th. Finally, Benchmark Co. started coverage on shares of ORBCOMM in a research report on Tuesday, April 25th. They issued a buy rating and a $13.00 price target for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. ORBCOMM presently has an average rating of Buy and an average price target of $12.90.
ORBCOMM (NASDAQ:ORBC) traded down 0.85% on Friday, hitting $11.64. 220,706 shares of the stock were exchanged. ORBCOMM has a 12 month low of $7.15 and a 12 month high of $11.99. The stock’s market cap is $834.22 million. The company has a 50-day moving average of $11.30 and a 200-day moving average of $9.65.
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, meeting the consensus estimate of ($0.05). The company had revenue of $51.90 million during the quarter, compared to analyst estimates of $48.59 million. ORBCOMM had a negative net margin of 12.69% and a negative return on equity of 4.69%. The firm’s quarterly revenue was up 19.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) earnings per share. On average, equities analysts predict that ORBCOMM will post ($0.23) EPS for the current year.
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In other news, CEO Marc Eisenberg sold 6,304 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $10.00, for a total value of $63,040.00. Following the transaction, the chief executive officer now owns 261,020 shares of the company’s stock, valued at $2,610,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $10,763,880.40. The disclosure for this sale can be found here. Insiders sold 43,304 shares of company stock worth $457,200 in the last three months. Insiders own 9.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its stake in ORBCOMM by 3.9% in the first 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 during the last quarter. Teza Capital Management LLC acquired a new stake in ORBCOMM during the first quarter worth about $116,000. 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 worth $190,000 after buying an additional 644 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in ORBCOMM during the first quarter worth about $208,000. Finally, Parametric Portfolio Associates LLC increased its stake in ORBCOMM by 18.7% in the first quarter. Parametric Portfolio Associates LLC now owns 24,493 shares of the technology company’s stock worth $234,000 after buying an additional 3,858 shares during the last quarter. 80.79% of the stock is currently owned by institutional investors.
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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