ORBCOMM Inc. (NASDAQ:ORBC) SVP Constantine Milcos sold 13,832 shares of ORBCOMM stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $11.27, for a total value of $155,886.64. The transaction was disclosed in a document filed with the SEC, which is available at this link.
ORBCOMM Inc. (NASDAQ:ORBC) opened at 10.91 on Tuesday. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.99. The company has a 50-day moving average price of $11.36 and a 200 day moving average price of $10.02. The firm’s market cap is $801.86 million.
ORBCOMM (NASDAQ:ORBC) last issued its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.07) by $0.05. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business had revenue of $56.96 million for the quarter, compared to analyst estimates of $52.93 million. During the same quarter last year, the firm posted ($0.06) earnings per share. ORBCOMM’s revenue was up 13.8% on a year-over-year basis. Equities research analysts anticipate that ORBCOMM Inc. will post ($0.36) EPS for the current year.
A number of research firms have recently commented on ORBC. Canaccord Genuity reiterated a “buy” rating and set a $14.00 target price on shares of ORBCOMM in a research report on Thursday, August 3rd. Zacks Investment Research cut ORBCOMM from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Craig Hallum set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Benchmark Co. initiated coverage on ORBCOMM in a research report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price target on the stock. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $12.90.
Several hedge funds have recently modified their holdings of ORBC. Swiss National Bank raised its position in ORBCOMM by 5.0% in the first quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock worth $1,004,000 after buying an additional 5,000 shares during the period. Columbia Partners L L C Investment Management purchased a new position in ORBCOMM during the first quarter worth approximately $962,000. Trexquant Investment LP purchased a new position in ORBCOMM during the first quarter worth approximately $548,000. Jane Street Group LLC purchased a new position in ORBCOMM during the first quarter worth approximately $518,000. Finally, Teachers Advisors LLC raised its position in ORBCOMM by 9.3% in the fourth quarter. Teachers Advisors LLC now owns 113,021 shares of the technology company’s stock worth $935,000 after buying an additional 9,600 shares during the period. Institutional investors and hedge funds own 79.75% of the company’s stock.
About ORBCOMM
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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