ORBCOMM (NASDAQ:ORBC)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity in a research note issued on Tuesday, TipRanks reports. They currently have a $9.00 price target on the technology company’s stock.
ORBC has been the topic of several other research reports. Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $1.50 price objective on the stock in a research note on Tuesday. BidaskClub raised ORBCOMM from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, ValuEngine raised ORBCOMM from a “hold” rating to a “buy” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. ORBCOMM has a consensus rating of “Buy” and a consensus price target of $6.00.
Shares of NASDAQ:ORBC traded up $0.07 during midday trading on Tuesday, hitting $1.40. The company had a trading volume of 4,345,911 shares, compared to its average volume of 816,957. ORBCOMM has a 12 month low of $1.24 and a 12 month high of $8.44. The company has a current ratio of 3.00, a quick ratio of 2.31 and a debt-to-equity ratio of 1.05. The stock has a market cap of $100.28 million, a price-to-earnings ratio of -6.09 and a beta of 0.97. The firm has a fifty day simple moving average of $2.99 and a 200 day simple moving average of $4.01.
ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Wednesday, February 26th. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. ORBCOMM had a negative return on equity of 7.51% and a negative net margin of 6.78%. The business had revenue of $69.68 million for the quarter, compared to analyst estimates of $69.87 million. Equities analysts forecast that ORBCOMM will post -0.17 EPS for the current fiscal year.
In other news, Director Jerome B. Eisenberg purchased 23,300 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were purchased at an average price of $1.30 per share, with a total value of $30,290.00. Following the purchase, the director now directly owns 996,879 shares of the company’s stock, valued at approximately $1,295,942.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Marc Eisenberg purchased 23,607 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was purchased at an average cost of $1.30 per share, for a total transaction of $30,689.10. Following the purchase, the chief executive officer now directly owns 587,751 shares in the company, valued at $764,076.30. The disclosure for this purchase can be found here. Insiders have purchased a total of 76,907 shares of company stock worth $120,379 in the last ninety days. 7.30% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ORBC. Point72 Hong Kong Ltd acquired a new stake in shares of ORBCOMM in the 4th quarter valued at about $28,000. Evoke Wealth LLC acquired a new stake in shares of ORBCOMM in the 3rd quarter valued at about $32,000. Tower Research Capital LLC TRC raised its stake in shares of ORBCOMM by 1,024.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 7,220 shares of the technology company’s stock valued at $35,000 after purchasing an additional 6,578 shares during the period. Frisch Financial Group Inc. acquired a new stake in shares of ORBCOMM in the 4th quarter valued at about $44,000. Finally, ProShare Advisors LLC acquired a new stake in shares of ORBCOMM in the 4th quarter valued at about $44,000. 78.42% of the stock is currently owned by hedge funds and other institutional investors.
ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as 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 transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.
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