Pinnacle Associates Ltd. Has $283,000 Stake in ORBCOMM Inc. (ORBC)

Pinnacle Associates Ltd. maintained its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the technology company’s stock at the end of the 2nd quarter. Pinnacle Associates Ltd.’s holdings in ORBCOMM were worth $283,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Swiss National Bank boosted its holdings in ORBCOMM by 5.0% in the first quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock valued at $1,004,000 after acquiring an additional 5,000 shares in the last quarter. Columbia Partners L L C Investment Management bought a new stake in ORBCOMM in the first quarter valued at $962,000. Trexquant Investment LP bought a new stake in ORBCOMM in the first quarter valued at $548,000. Jane Street Group LLC bought a new stake in ORBCOMM in the first quarter valued at $518,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in ORBCOMM by 17.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 233,021 shares of the technology company’s stock valued at $2,226,000 after acquiring an additional 34,386 shares in the last quarter. Institutional investors and hedge funds own 78.48% of the company’s stock.

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In other news, EVP Brun Christian Le sold 82,901 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $11.17, for a total transaction of $926,004.17. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $11.18, for a total value of $78,260.00. Following the transaction, the director now owns 962,780 shares in the company, valued at approximately $10,763,880.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 503,864 shares of company stock worth $5,655,605. Insiders own 9.50% of the company’s stock.

Several research firms recently weighed in on ORBC. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 price target on shares of ORBCOMM in a report on Thursday, August 3rd. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a report on Monday, August 28th. Zacks Investment Research cut shares of ORBCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the company a “buy” rating in a report on Tuesday, June 13th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $12.92.

Shares of ORBCOMM Inc. (NASDAQ ORBC) opened at 10.79 on Monday. The stock’s 50 day moving average is $11.24 and its 200-day moving average is $10.27. The company’s market cap is $793.04 million. ORBCOMM Inc. has a one year low of $7.15 and a one year high of $11.99.

ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.07) by $0.05. The firm had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $52.93 million. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) EPS. Equities research analysts expect that ORBCOMM Inc. will post ($0.36) earnings per share for the current year.

ORBCOMM 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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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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