ORBCOMM Inc. (ORBC) PT Raised to $16.00 at Canaccord Genuity
ORBCOMM Inc. (NASDAQ:ORBC) had its price objective increased by investment analysts at Canaccord Genuity from $14.00 to $16.00 in a report issued on Monday. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity’s target price indicates a potential upside of 48.29% from the company’s previous close.
A number of other research analysts have also issued reports on the company. Zacks Investment Research upgraded ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Friday, July 14th. ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Craig Hallum set a $13.00 target price on ORBCOMM and gave the company a “buy” rating in a research report on Tuesday, June 13th. Finally, Northland Securities set a $13.00 target price on ORBCOMM and gave the company a “buy” rating in a research report on Monday, August 28th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. ORBCOMM has a consensus rating of “Buy” and an average target price of $13.25.
ORBCOMM (NASDAQ ORBC) traded up 2.22% during midday trading on Monday, reaching $11.03. 210,032 shares of the company’s stock were exchanged. The firm’s market capitalization is $810.68 million. The firm’s 50 day moving average is $11.22 and its 200 day moving average is $10.30. ORBCOMM has a 52 week low of $7.15 and a 52 week high of $11.99.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.05. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The company had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. During the same quarter in the prior year, the company posted ($0.06) EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts anticipate that ORBCOMM will post ($0.36) earnings per share for the current year.
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In related news, CFO Robert G. Costantini sold 140,169 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $11.26, for a total value of $1,578,302.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jerome B. Eisenberg sold 24,000 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $11.04, for a total value of $264,960.00. Following the completion of the transaction, the director now directly owns 1,056,141 shares of the company’s stock, valued at $11,659,796.64. The disclosure for this sale can be found here. Insiders have sold a total of 503,864 shares of company stock worth $5,655,605 in the last quarter. Insiders own 9.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in ORBCOMM by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock valued at $55,424,000 after purchasing an additional 824,761 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in ORBCOMM by 2.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,014,327 shares of the technology company’s stock valued at $45,362,000 after purchasing an additional 95,586 shares during the last quarter. Granite Investment Partners LLC raised its stake in ORBCOMM by 2.1% in the 2nd quarter. Granite Investment Partners LLC now owns 1,752,933 shares of the technology company’s stock valued at $19,809,000 after purchasing an additional 36,437 shares during the last quarter. State Street Corp raised its stake in ORBCOMM by 6.5% in the 2nd quarter. State Street Corp now owns 1,250,722 shares of the technology company’s stock valued at $14,137,000 after purchasing an additional 76,762 shares during the last quarter. Finally, Raging Capital Management LLC raised its stake in ORBCOMM by 12.8% in the 1st quarter. Raging Capital Management LLC now owns 1,248,899 shares of the technology company’s stock valued at $11,927,000 after purchasing an additional 141,660 shares during the last quarter. 78.48% of the stock is owned by hedge funds and other 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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