ORBCOMM Inc. (NASDAQ:ORBC) has been given a $13.00 price objective by analysts at Northland Securities in a research report issued to clients and investors on Monday, August 28th. The brokerage presently has a “buy” rating on the technology company’s stock. Northland Securities’ target price would suggest a potential upside of 19.38% from the company’s previous close.
A number of other equities research analysts have also commented on the stock. Zacks Investment Research upgraded shares of 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. ValuEngine lowered shares of ORBCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, May 11th. Craig Hallum set a $13.00 price objective on shares of ORBCOMM and gave the company a “buy” rating in a research report on Tuesday, June 13th. Finally, Canaccord Genuity reissued a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. ORBCOMM currently has an average rating of “Buy” and a consensus target price of $13.25.
Shares of ORBCOMM (NASDAQ ORBC) traded down 1.10% during trading on Monday, hitting $10.77. 126,135 shares of the stock traded hands. The firm has a 50-day moving average of $11.21 and a 200-day moving average of $10.32. ORBCOMM has a 1-year low of $7.15 and a 1-year high of $11.99. The firm’s market capitalization is $791.57 million.
ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing the Zacks’ 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 firm had revenue of $56.96 million for the quarter, compared to the consensus estimate of $52.93 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities analysts forecast that ORBCOMM will post ($0.36) earnings per share for the current year.
In other news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $11.07, for a total value of $77,490.00. Following the sale, the director now directly owns 981,363 shares of the company’s stock, valued at approximately $10,863,688.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Eisenberg sold 115,000 shares of the company’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $11.27, for a total transaction of $1,296,050.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 503,864 shares of company stock worth $5,655,605. Insiders own 9.50% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of 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 during the period. Teza Capital Management LLC purchased a new stake in shares of ORBCOMM in the 1st quarter worth about $116,000. PNC Financial Services Group Inc. purchased a new stake in shares of ORBCOMM in the 2nd quarter worth about $120,000. Legal & General Group Plc grew its position in shares of 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 during the period. Finally, Paloma Partners Management Co grew its position in shares of 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 during the period. 78.48% of the stock is currently owned by hedge funds and other 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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