ORBCOMM (NASDAQ:ORBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $12.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.10% from the stock’s previous close.
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 equities analysts have also recently issued reports on ORBC. Canaccord Genuity increased their target price on ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, September 11th. BidaskClub cut ORBCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, December 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $13.08.
ORBCOMM (NASDAQ:ORBC) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The firm had revenue of $69.37 million during the quarter, compared to the consensus estimate of $65.62 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. ORBCOMM’s revenue for the quarter was up 49.9% on a year-over-year basis. analysts predict that ORBCOMM will post -0.84 earnings per share for the current year.
In related news, EVP John J. Stolte, Jr. sold 39,230 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total value of $409,953.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $11.46, for a total value of $80,220.00. Following the completion of the sale, the director now directly owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The disclosure for this sale can be found here. Insiders sold a total of 53,230 shares of company stock valued at $564,864 over the last three months. 9.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in ORBCOMM in the 3rd quarter valued at $107,000. PNC Financial Services Group Inc. purchased a new stake in ORBCOMM in the 2nd quarter valued at $120,000. Principal Financial Group Inc. raised its position in ORBCOMM by 4.7% in the 2nd quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after buying an additional 569 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in ORBCOMM in the 3rd quarter valued at $155,000. Finally, Legal & General Group Plc increased its position in shares of ORBCOMM by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after purchasing an additional 670 shares during the last quarter. 77.83% of the stock is owned by institutional investors and hedge funds.
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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