Orbcomm Inc. (ORBC) Sets New 52-Week High at $10.68
Shares of Orbcomm Inc. (NASDAQ:ORBC) reached a new 52-week high on Monday . The stock traded as high as $10.68 and last traded at $10.37, with a volume of 478,656 shares trading hands. The stock had previously closed at $10.30.
ORBC has been the subject of a number of recent research reports. Northland Securities boosted their price target on shares of Orbcomm from $9.00 to $11.00 and gave the company an “outperform” rating in a research note on Monday, March 14th. First Analysis boosted their price target on shares of Orbcomm from $11.00 to $14.00 and gave the company an “overweight” rating in a research note on Wednesday, May 18th. Finally, Canaccord Genuity restated a “buy” rating and set a $12.00 price target on shares of Orbcomm in a research note on Monday, April 4th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $11.45.
The stock has a 50 day moving average of $9.53 and a 200-day moving average of $8.89. The stock’s market capitalization is $748.34 million.
Orbcomm (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, May 5th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). Equities research analysts expect that Orbcomm Inc. will post ($0.11) earnings per share for the current year.
In related news, Director Jerome B. Eisenberg sold 5,000 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $9.46, for a total value of $47,300.00. Following the completion of the sale, the director now owns 1,013,791 shares of the company’s stock, valued at $9,590,462.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Other hedge funds have made changes to their positions in the company. Mutual of America Capital Management LLC raised its stake in shares of Orbcomm by 4.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 791,683 shares of the company’s stock worth $5,732,000 after buying an additional 36,604 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Orbcomm by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,054,074 shares of the company’s stock worth $29,352,000 after buying an additional 168,257 shares during the last quarter. Teton Advisors Inc. raised its stake in shares of Orbcomm by 2.0% in the fourth quarter. Teton Advisors Inc. now owns 521,335 shares of the company’s stock worth $3,774,000 after buying an additional 10,000 shares during the last quarter. EAM Investors LLC acquired a new stake in shares of Orbcomm during the fourth quarter worth approximately $1,093,000. Finally, Sei Investments Co. acquired a new stake in shares of Orbcomm during the fourth quarter worth approximately $1,056,000.
ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.
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