ORBCOMM Inc. (ORBC) Given a $13.00 Price Target at Craig Hallum
ORBCOMM Inc. (NASDAQ:ORBC) received a $13.00 price objective from equities research analysts at Craig Hallum in a research report issued on Tuesday. The brokerage currently has a “buy” rating on the technology company’s stock. Craig Hallum’s price objective points to a potential upside of 18.18% from the company’s current price.
ORBC has been the subject of several other reports. 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. ValuEngine lowered shares of ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. 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. Zacks Investment Research lowered shares of ORBCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. Finally, Benchmark Co. initiated coverage on shares of ORBCOMM in a research report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. ORBCOMM has an average rating of “Buy” and an average target price of $12.88.
Shares of ORBCOMM (NASDAQ:ORBC) traded down 0.90% on Tuesday, hitting $11.00. The stock had a trading volume of 984,237 shares. ORBCOMM has a 1-year low of $7.15 and a 1-year high of $11.47. The firm has a 50-day moving average of $10.06 and a 200 day moving average of $9.08. The company’s market capitalization is $788.35 million.
ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Thursday, May 4th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). ORBCOMM had a negative net margin of 12.69% and a negative return on equity of 4.69%. The company had revenue of $51.90 million during the quarter, compared to analyst estimates of $48.59 million. During the same period in the previous year, the business earned ($0.03) earnings per share. The firm’s quarterly revenue was up 19.0% compared to the same quarter last year. On average, equities analysts anticipate that ORBCOMM will post ($0.22) earnings per share for the current fiscal year.
In other ORBCOMM news, CEO Marc Eisenberg sold 7,997 shares of the company’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $10.01, for a total transaction of $80,049.97. Following the completion of the sale, the chief executive officer now directly 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 link. Over the last 90 days, insiders have sold 69,301 shares of company stock valued at $697,947. Company insiders own 9.50% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Columbia Partners L L C Investment Management acquired a new stake in ORBCOMM during the first quarter valued at about $962,000. Jane Street Group LLC acquired a new stake in ORBCOMM during the first quarter valued at about $518,000. Paloma Partners Management Co raised 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 buying an additional 644 shares during the last quarter. Raging Capital Management LLC raised 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 last quarter. Finally, Weiss Multi Strategy Advisers LLC acquired a new stake in ORBCOMM during the first quarter valued at about $2,626,000. Institutional investors and hedge funds own 80.88% 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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