Orbcomm Inc. (ORBC) Shares Down 2.5%
Orbcomm Inc. (NASDAQ:ORBC)’s share price was down 2.5% during mid-day trading on Thursday . The company traded as low as $10.41 and last traded at $10.41, with a volume of 152,474 shares changing hands. The stock had previously closed at $10.68.
A number of equities analysts have issued reports on ORBC shares. First Analysis upped their target price on Orbcomm from $11.00 to $14.00 and gave the company an “overweight” rating in a research report on Wednesday, May 18th. Canaccord Genuity reaffirmed a “buy” rating and issued a $12.00 target price on shares of Orbcomm in a research report on Monday, April 4th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $11.45.
The stock’s market cap is $737.01 million. The stock’s 50 day moving average is $9.71 and its 200-day moving average is $8.99.
Orbcomm (NASDAQ:ORBC) last issued its earnings results on Thursday, May 5th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). On average, equities research analysts predict that Orbcomm Inc. will post ($0.11) earnings per share for the current year.
In other news, Director Jerome B. Eisenberg sold 5,000 shares of the stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $9.46, for a total transaction of $47,300.00. Following the transaction, the director now owns 1,013,791 shares of the company’s stock, valued at approximately $9,590,462.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Other hedge funds and institutional investors recently modified their holdings of the company. Mutual of America Capital Management LLC raised its position 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 in the last quarter. EAM Investors LLC bought a new position in shares of Orbcomm during the fourth quarter worth approximately $1,093,000. Sei Investments Co. bought a new position in shares of Orbcomm during the fourth quarter worth approximately $1,056,000. Jennison Associates LLC raised its position in shares of Orbcomm by 6.1% in the fourth quarter. Jennison Associates LLC now owns 4,885,986 shares of the company’s stock worth $35,375,000 after buying an additional 279,805 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Orbcomm by 6.5% in the fourth quarter. Morgan Stanley now owns 186,647 shares of the company’s stock worth $1,351,000 after buying an additional 11,324 shares in the last quarter.
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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