ORBCOMM Inc. (ORBC) Upgraded at Zacks Investment Research
ORBCOMM Inc. (NASDAQ:ORBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $13.00 target price on the technology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.24% from the stock’s current price.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
A number of other analysts have also recently weighed in 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 price target for the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $14.00 price target on shares of ORBCOMM in a research report on Tuesday, April 11th. Craig Hallum set a $13.00 price target on ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. Finally, ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $12.90.
ORBCOMM (NASDAQ:ORBC) opened at 11.48 on Friday. ORBCOMM has a 12-month low of $7.15 and a 12-month high of $11.60. The stock has a 50 day moving average price of $10.44 and a 200-day moving average price of $9.26. The stock’s market capitalization is $822.75 million.
ORBCOMM (NASDAQ:ORBC) last issued its earnings results on Thursday, May 4th. The technology company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). ORBCOMM had a negative return on equity of 4.69% and a negative net margin of 12.69%. The firm had revenue of $51.90 million for the quarter, compared to the consensus estimate of $48.59 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The business’s quarterly revenue was up 19.0% compared to the same quarter last year. Equities research analysts expect that ORBCOMM will post ($0.24) EPS for the current year.
In other ORBCOMM news, CEO Marc Eisenberg sold 30,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $10.53, for a total value of $315,900.00. Following the completion of the sale, the chief executive officer now owns 215,321 shares of the company’s stock, valued at $2,267,330.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $11.18, for a total value of $78,260.00. Following the completion of the sale, the director now directly owns 962,780 shares of the company’s stock, valued at approximately $10,763,880.40. The disclosure for this sale can be found here. Insiders sold 51,301 shares of company stock valued at $537,250 in the last ninety days. Insiders own 9.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Columbia Partners L L C Investment Management bought a new stake in shares of ORBCOMM during the first quarter worth $962,000. Jane Street Group LLC bought a new stake in shares of ORBCOMM during the first quarter worth $518,000. Paloma Partners Management Co boosted its stake in shares of ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after buying an additional 644 shares in the last quarter. Raging Capital Management LLC boosted its stake in shares of ORBCOMM by 12.8% in the first quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock worth $11,927,000 after buying an additional 141,660 shares in the last quarter. Finally, Weiss Multi Strategy Advisers LLC bought a new stake in shares of ORBCOMM during the first quarter worth $2,626,000. 80.88% of the stock is owned by institutional investors.
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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