Cortina Asset Management LLC grew its position in ORBCOMM Inc. (NASDAQ:ORBC) by 31.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 818,622 shares of the technology company’s stock after purchasing an additional 196,719 shares during the quarter. Cortina Asset Management LLC owned about 1.10% of ORBCOMM worth $8,571,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in ORBCOMM in the third quarter worth $107,000. Hood River Capital Management LLC grew its holdings in ORBCOMM by 14.6% in the third quarter. Hood River Capital Management LLC now owns 1,329,991 shares of the technology company’s stock worth $13,925,000 after purchasing an additional 168,967 shares during the last quarter. Gabelli Funds LLC grew its holdings in ORBCOMM by 16.7% in the third quarter. Gabelli Funds LLC now owns 35,000 shares of the technology company’s stock worth $366,000 after purchasing an additional 5,000 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in ORBCOMM in the third quarter worth $218,000. Finally, Skylands Capital LLC grew its holdings in ORBCOMM by 47.2% in the third quarter. Skylands Capital LLC now owns 555,900 shares of the technology company’s stock worth $5,820,000 after purchasing an additional 178,250 shares during the last quarter. 76.00% of the stock is currently owned by institutional investors and hedge funds.
Shares of ORBCOMM Inc. (NASDAQ ORBC) traded up $0.09 on Wednesday, hitting $10.18. 346,400 shares of the stock were exchanged, compared to its average volume of 539,422. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.21 and a current ratio of 2.79. ORBCOMM Inc. has a 12-month low of $7.77 and a 12-month high of $11.99.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $69.37 million for the quarter, compared to analysts’ expectations of $65.62 million. ORBCOMM had a negative net margin of 25.32% and a negative return on equity of 8.01%. ORBCOMM’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.04) earnings per share. sell-side analysts anticipate that ORBCOMM Inc. will post -0.84 EPS for the current fiscal year.
Several equities analysts have issued reports on ORBC shares. ValuEngine raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. Canaccord Genuity lifted their price target on shares of ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, September 11th. Finally, 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $13.25.
In other news, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $10.55, for a total transaction of $73,850.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 21,000 shares of company stock worth $231,560 over the last three months. Corporate insiders own 9.50% 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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