ORBCOMM (ORBC) Raised to “Hold” at BidaskClub

ORBCOMM (NASDAQ:ORBC) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

Several other research analysts also recently commented on ORBC. Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Thursday. Canaccord Genuity upped their price objective on ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, September 11th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $13.08.

Shares of ORBCOMM (ORBC) traded down $0.08 during midday trading on Friday, reaching $10.91. The company’s stock had a trading volume of 579,990 shares, compared to its average volume of 1,191,475. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.21 and a current ratio of 2.79. The firm has a market capitalization of $809.05, a P/E ratio of -13.99 and a beta of 0.84. ORBCOMM has a 12-month low of $7.77 and a 12-month high of $11.99.

ORBCOMM (NASDAQ:ORBC) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The business had revenue of $69.37 million for the quarter, compared to analyst estimates of $65.62 million. ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The firm’s revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. equities research analysts forecast that ORBCOMM will post -0.84 EPS for the current year.

In other news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total value of $80,220.00. Following the completion of the transaction, the director now owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $10.45, for a total value of $409,953.50. The disclosure for this sale can be found here. Insiders sold 53,230 shares of company stock valued at $564,864 in the last ninety days. 9.50% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in ORBC. Schwab Charles Investment Management Inc. increased its stake in shares of ORBCOMM by 35.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 316,736 shares of the technology company’s stock valued at $3,580,000 after buying an additional 83,715 shares during the period. Rhumbline Advisers boosted its holdings in ORBCOMM by 1.7% in the second quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock valued at $829,000 after acquiring an additional 1,235 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in ORBCOMM by 13.8% in the second quarter. Bank of New York Mellon Corp now owns 658,382 shares of the technology company’s stock valued at $7,439,000 after acquiring an additional 79,649 shares during the last quarter. Legal & General Group Plc boosted its holdings in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after acquiring an additional 670 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in ORBCOMM by 4.7% in the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after acquiring an additional 569 shares during the last quarter. 77.83% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for ORBCOMM (NASDAQ:ORBC)

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