Orbcomm (ORBC) Lowered to Strong Sell at BidaskClub

Orbcomm (NASDAQ:ORBC) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Orbcomm from a “hold” rating to a “sell” rating in a report on Wednesday, March 7th. Chardan Capital reaffirmed a “buy” rating on shares of Orbcomm in a report on Sunday, March 4th. Canaccord Genuity dropped their price objective on shares of Orbcomm from $16.00 to $15.00 and set a “buy” rating for the company in a report on Friday, March 2nd. Finally, Roth Capital assumed coverage on shares of Orbcomm in a report on Friday, February 2nd. They set a “buy” rating and a $14.00 price objective for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Orbcomm presently has a consensus rating of “Hold” and a consensus target price of $13.80.

Orbcomm opened at $9.48 on Thursday, according to Marketbeat. Orbcomm has a 52-week low of $9.31 and a 52-week high of $9.39. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.01 and a quick ratio of 1.34.

Orbcomm (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, May 3rd. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Orbcomm had a negative return on equity of 12.88% and a negative net margin of 25.17%. The company had revenue of $67.97 million for the quarter, compared to the consensus estimate of $67.60 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The business’s revenue was up 30.9% on a year-over-year basis. sell-side analysts expect that Orbcomm will post -0.23 EPS for the current fiscal year.

In related news, CEO Marc Eisenberg sold 11,770 shares of Orbcomm stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $10.23, for a total value of $120,407.10. Following the transaction, the chief executive officer now owns 378,278 shares in the company, valued at approximately $3,869,783.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jerome B. Eisenberg sold 5,000 shares of Orbcomm stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $9.21, for a total transaction of $46,050.00. Following the completion of the transaction, the director now owns 959,998 shares in the company, valued at approximately $8,841,581.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,875 shares of company stock worth $294,945. 7.80% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of ORBC. Bank of Montreal Can purchased a new position in Orbcomm in the 4th quarter worth $143,000. Rockefeller Capital Management L.P. purchased a new position in Orbcomm in the 1st quarter worth $156,000. CIBC World Markets Inc. purchased a new position in Orbcomm in the 4th quarter worth $158,000. Jefferies Group LLC purchased a new position in Orbcomm in the 4th quarter worth $175,000. Finally, A.R.T. Advisors LLC purchased a new position in Orbcomm in the 1st quarter worth $182,000. Institutional investors own 70.61% of the company’s stock.

Orbcomm Company Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, 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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