ORBCOMM Inc. (NASDAQ:ORBC) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research lowered shares of ORBCOMM Inc. (NASDAQ:ORBC) from a hold rating to a sell rating in a research report sent to investors on Wednesday, October 4th.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
ORBC has been the subject of a number of other reports. ValuEngine raised ORBCOMM from a sell rating to a hold rating in a research report on Friday, September 1st. Canaccord Genuity increased their price objective on ORBCOMM from $14.00 to $16.00 and gave the company a buy rating in a report on Monday, September 11th. Northland Securities set a $13.00 price objective on ORBCOMM and gave the company a buy rating in a report on Monday, August 28th. Finally, Craig Hallum set a $13.00 price objective on ORBCOMM and gave the company a buy rating in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. ORBCOMM currently has an average rating of Buy and a consensus price target of $13.25.
Shares of ORBCOMM (NASDAQ:ORBC) traded down 1.79% on Wednesday, hitting $11.49. The stock had a trading volume of 418,460 shares. ORBCOMM has a 52 week low of $7.15 and a 52 week high of $11.99. The company has a 50-day moving average of $10.90 and a 200 day moving average of $10.61. The company’s market capitalization is $844.49 million.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.05). The business had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $52.93 million. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.06) earnings per share. On average, equities research analysts predict that ORBCOMM will post ($0.36) EPS for the current year.
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In other news, Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $10.55, for a total value of $73,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Constantine Milcos sold 13,832 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $11.27, for a total value of $155,886.64. The disclosure for this sale can be found here. Insiders sold 503,864 shares of company stock valued at $5,651,195 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in ORBCOMM by 3.9% during the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after buying an additional 447 shares during the period. TIAA CREF Investment Management LLC boosted its stake 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 valued at $1,966,000 after buying an additional 550 shares during the period. Paloma Partners Management Co boosted its stake in ORBCOMM by 3.3% during the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after buying an additional 644 shares during the period. Legal & General Group Plc boosted its stake in ORBCOMM by 4.4% during the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after buying an additional 670 shares during the period. Finally, Rhumbline Advisers boosted its stake in ORBCOMM by 1.7% during the second quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock valued at $829,000 after buying an additional 1,235 shares during the period. 77.21% of the stock is owned by institutional investors.
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.
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