ORBCOMM (NASDAQ:ORBC) Sets New 1-Year High at $11.59


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ORBCOMM Inc. (NASDAQ:ORBC) reached a new 52-week high on Thursday . The company traded as high as $11.59 and last traded at $11.49, with a volume of 929940 shares. The stock had previously closed at $7.57.

A number of equities research analysts have recently commented on ORBC shares. Northland Securities lifted their price objective on ORBCOMM from $6.00 to $10.00 in a research report on Monday, December 21st. Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $8.75 price objective for the company in a research report on Thursday, March 18th. Raymond James lifted their price objective on ORBCOMM from $8.00 to $10.00 and gave the company a “strong-buy” rating in a research report on Wednesday, March 3rd. Craig Hallum boosted their price target on ORBCOMM from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 24th. Finally, Canaccord Genuity downgraded ORBCOMM from a “buy” rating to a “hold” rating and lowered their price target for the company from $13.00 to $11.50 in a research report on Thursday. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $10.29.

The stock has a 50-day simple moving average of $7.69 and a 200-day simple moving average of $6.50. The stock has a market cap of $906.30 million, a PE ratio of -41.07 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.93 and a quick ratio of 2.37.

ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Wednesday, February 24th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. ORBCOMM had a negative return on equity of 9.49% and a negative net margin of 8.52%. The firm had revenue of $63.81 million for the quarter, compared to analysts’ expectations of $61.82 million. As a group, equities research analysts anticipate that ORBCOMM Inc. will post -0.32 EPS for the current year.

In other ORBCOMM news, CFO Constantine Milcos sold 8,394 shares of the stock in a transaction on Monday, March 8th. The shares were sold at an average price of $7.02, for a total transaction of $58,925.88. Following the transaction, the chief financial officer now directly owns 104,008 shares of the company’s stock, valued at $730,136.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John J. Stolte, Jr. sold 5,441 shares of the firm’s stock in a transaction dated Monday, March 8th. The shares were sold at an average price of $7.02, for a total value of $38,195.82. Following the completion of the sale, the executive vice president now directly owns 149,327 shares in the company, valued at $1,048,275.54. The disclosure for this sale can be found here. Company insiders own 6.74% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. SOA Wealth Advisors LLC. bought a new position in shares of ORBCOMM in the fourth quarter valued at approximately $78,000. Virtu Financial LLC raised its stake in shares of ORBCOMM by 228.1% in the fourth quarter. Virtu Financial LLC now owns 33,750 shares of the technology company’s stock valued at $250,000 after acquiring an additional 23,462 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of ORBCOMM by 568.0% in the fourth quarter. JPMorgan Chase & Co. now owns 404,000 shares of the technology company’s stock valued at $2,997,000 after acquiring an additional 343,518 shares during the last quarter. Walleye Trading LLC acquired a new stake in shares of ORBCOMM in the fourth quarter valued at approximately $79,000. Finally, Walleye Capital LLC acquired a new stake in shares of ORBCOMM in the fourth quarter valued at approximately $168,000. Hedge funds and other institutional investors own 68.12% of the company’s stock.

ORBCOMM Company Profile (NASDAQ:ORBC)

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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