ORBCOMM Inc. (NASDAQ:ORBC) had its price objective increased by Canaccord Genuity from $14.00 to $16.00 in a research report sent to investors on Monday. Canaccord Genuity currently has a buy rating on the technology company’s stock.
Other research analysts have also recently issued reports about the stock. Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the stock a buy rating in a report on Tuesday, June 13th. Zacks Investment Research upgraded shares of ORBCOMM from a hold rating to a buy rating and set a $13.00 price target on the stock in a report on Friday, July 14th. Northland Securities set a $13.00 price target on shares of ORBCOMM and gave the stock a buy rating in a report on Monday, August 28th. Finally, ValuEngine upgraded shares of ORBCOMM from a sell rating to a hold rating in a report on Friday, September 1st. Two equities 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 an average target price of $13.25.
Shares of ORBCOMM (NASDAQ:ORBC) opened at 10.83 on Monday. The firm’s market capitalization is $795.98 million. ORBCOMM has a 52 week low of $7.15 and a 52 week high of $11.99. The company has a 50-day moving average of $11.22 and a 200 day moving average of $10.32.
ORBCOMM (NASDAQ:ORBC) last released its quarterly 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 return on equity of 6.16% and a negative net margin of 15.52%. The firm had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $52.93 million. During the same quarter last year, the firm posted ($0.06) earnings per share. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts anticipate that ORBCOMM will post ($0.36) earnings per share for the current year.
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In other ORBCOMM news, SVP Constantine Milcos sold 13,832 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $11.27, for a total value of $155,886.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $11.51, for a total transaction of $80,570.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 503,864 shares of company stock worth $5,655,605. Corporate insiders own 9.50% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. purchased a new position in ORBCOMM in the second quarter valued at about $120,000. Principal Financial Group Inc. boosted 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 valued at $115,000 after acquiring an additional 447 shares during the last quarter. Teza Capital Management LLC purchased a new position in ORBCOMM in the first quarter valued at about $116,000. Legal & General Group Plc boosted its stake in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after acquiring an additional 670 shares during the last quarter. Finally, Paloma Partners Management Co boosted 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 acquiring an additional 644 shares during the last quarter. Hedge funds and other institutional investors own 78.48% of the company’s stock.
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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