ORBCOMM (ORBC) Rating Lowered to Hold at BidaskClub

ORBCOMM (NASDAQ:ORBC) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other brokerages have also commented on ORBC. Zacks Investment Research raised ORBCOMM from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. Northland Securities set a $15.00 price target on ORBCOMM and gave the company a “buy” rating in a report on Tuesday, January 16th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ORBCOMM presently has a consensus rating of “Buy” and an average target price of $13.42.

Shares of ORBCOMM (NASDAQ:ORBC) remained flat at $$11.52 on Friday. 355,427 shares of the company’s stock traded hands, compared to its average volume of 655,048. The company has a market capitalization of $855.86, a price-to-earnings ratio of -14.77 and a beta of 0.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.79 and a quick ratio of 2.21. ORBCOMM has a fifty-two week low of $7.77 and a fifty-two week high of $11.99.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 25.32% and a negative return on equity of 8.01%. ORBCOMM’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period last year, the business posted ($0.04) earnings per share. research analysts anticipate that ORBCOMM will post -0.84 earnings per share for the current year.

In related news, Director Jerome B. Eisenberg sold 7,000 shares of ORBCOMM stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total transaction of $80,220.00. Following the transaction, the director now directly owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Robert G. Costantini sold 11,019 shares of ORBCOMM stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $10.89, for a total value of $119,996.91. Following the transaction, the chief financial officer now directly owns 200,215 shares in the company, valued at $2,180,341.35. The disclosure for this sale can be found here. Insiders have sold 97,224 shares of company stock worth $1,043,980 over the last three months. Corporate insiders own 9.50% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC grew its holdings in ORBCOMM by 0.3% during the second quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock worth $1,966,000 after acquiring an additional 550 shares during the period. Principal Financial Group Inc. grew its holdings in ORBCOMM by 4.7% during the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock worth $142,000 after acquiring an additional 569 shares during the period. Legal & General Group Plc grew its holdings in ORBCOMM by 4.4% during the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after acquiring an additional 670 shares during the period. The Manufacturers Life Insurance Company grew its holdings in ORBCOMM by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 54,541 shares of the technology company’s stock worth $616,000 after acquiring an additional 1,348 shares during the period. Finally, Suntrust Banks Inc. grew its holdings in ORBCOMM by 7.3% during the second quarter. Suntrust Banks Inc. now owns 40,270 shares of the technology company’s stock worth $454,000 after acquiring an additional 2,747 shares during the period. 78.05% of the stock is currently owned by hedge funds and other institutional investors.

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About ORBCOMM

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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