Brokerages Expect ORBCOMM Inc (ORBC) Will Post Quarterly Sales of $53.38 Million
Wall Street brokerages expect that ORBCOMM Inc (NASDAQ:ORBC) will report $53.38 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for ORBCOMM’s earnings, with the highest sales estimate coming in at $53.73 million and the lowest estimate coming in at $52.8 million. ORBCOMM reported sales of $50.06 million in the same quarter last year, which indicates a positive year-over-year growth rate of 6.6%. The firm is expected to announce its next quarterly earnings report on Thursday, August 3rd.
On average, analysts expect that ORBCOMM will report full-year sales of $53.38 million for the current year, with estimates ranging from $210.2 million to $220.6 million. For the next fiscal year, analysts anticipate that the company will post sales of $225.33 million per share, with estimates ranging from $218.3 million to $236.38 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover ORBCOMM.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). ORBCOMM had a negative net margin of 10.86% and a negative return on equity of 2.86%. The firm had revenue of $51.90 million for the quarter, compared to analyst estimates of $48.59 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The company’s revenue was up 19.0% on a year-over-year basis.
A number of research analysts have issued reports on the company. Benchmark Co. assumed coverage on ORBCOMM in a research report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 target price on the stock. Zacks Investment Research cut ORBCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 target price on shares of ORBCOMM in a research report on Tuesday, April 11th. ValuEngine cut ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. Finally, Chardan Capital reiterated a “buy” rating and issued a $11.50 target price on shares of ORBCOMM in a research report on Thursday, March 2nd. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $12.83.
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In other ORBCOMM news, CEO Marc Eisenberg sold 7,997 shares of ORBCOMM stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $10.01, for a total value of $80,049.97. Following the transaction, the chief executive officer now owns 262,324 shares in the company, valued at $2,625,863.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 59,301 shares of company stock worth $562,228. Company insiders own 9.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in ORBCOMM by 16.6% in the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock valued at $55,424,000 after buying an additional 824,761 shares during the period. Franklin Resources Inc. boosted its stake in ORBCOMM by 32.0% in the fourth quarter. Franklin Resources Inc. now owns 5,177,900 shares of the technology company’s stock valued at $42,821,000 after buying an additional 1,255,700 shares during the period. Granite Investment Partners LLC boosted its stake in ORBCOMM by 35.3% in the first quarter. Granite Investment Partners LLC now owns 1,716,496 shares of the technology company’s stock valued at $16,393,000 after buying an additional 447,372 shares during the period. Raging Capital Management LLC boosted its stake in ORBCOMM by 12.8% in the first quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock valued at $11,927,000 after buying an additional 141,660 shares during the period. Finally, State Street Corp boosted its stake in ORBCOMM by 6.9% in the fourth quarter. State Street Corp now owns 1,126,517 shares of the technology company’s stock valued at $9,320,000 after buying an additional 72,676 shares during the period. Institutional investors own 80.70% of the company’s stock.
Shares of ORBCOMM (NASDAQ:ORBC) opened at 9.55 on Friday. The company’s market cap is $684.43 million. The firm’s 50-day moving average is $9.61 and its 200-day moving average is $8.79. ORBCOMM has a one year low of $7.15 and a one year high of $10.98.
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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