ORBCOMM Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total value of $80,220.00. Following the sale, the director now directly owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
ORBCOMM Inc. (NASDAQ ORBC) opened at $9.74 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.79 and a quick ratio of 2.21. ORBCOMM Inc. has a 52-week low of $7.42 and a 52-week high of $11.99.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The business had revenue of $69.37 million for the quarter, compared to analyst estimates of $65.62 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. equities analysts anticipate that ORBCOMM Inc. will post -0.38 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its position in ORBCOMM by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after purchasing an additional 447 shares during the period. TIAA CREF Investment Management LLC increased its position in ORBCOMM by 0.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock worth $1,966,000 after purchasing an additional 550 shares during the period. Paloma Partners Management Co increased its position in ORBCOMM by 3.3% during the 1st quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after purchasing an additional 644 shares during the period. Legal & General Group Plc increased its position in ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after purchasing an additional 670 shares during the period. Finally, Rhumbline Advisers increased its position in ORBCOMM by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock worth $829,000 after purchasing an additional 1,235 shares during the period. Institutional investors own 77.48% of the company’s stock.
Several analysts have commented on ORBC shares. Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Friday, July 14th. Canaccord Genuity upped their price objective on ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, September 11th. Northland Securities set a $13.00 price objective on ORBCOMM and gave the company a “buy” rating in a research note on Monday, August 28th. Finally, ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $13.25.
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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