Orbcomm Inc. (ORBC) Hits New 52-Week High at $10.97
Shares of Orbcomm Inc. (NASDAQ:ORBC) reached a new 52-week high on Monday . The stock traded as high as $10.97 and last traded at $10.89, with a volume of 351,147 shares trading hands. The stock had previously closed at $10.59.
Separately, First Analysis boosted their target price 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. One analyst has rated the stock with a sell rating and four have issued 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’s market capitalization is $768.19 million. The company has a 50-day moving average of $10.09 and a 200-day moving average of $9.27.
Orbcomm (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Equities research analysts expect that Orbcomm Inc. will post ($0.11) EPS for the current fiscal year.
In other news, Director Jerome B. Eisenberg sold 5,000 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $10.00, for a total value of $50,000.00. Following the completion of the sale, the director now directly owns 1,008,791 shares of the company’s stock, valued at $10,087,910. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Several large investors have bought and sold shares of ORBC. Jennison Associates LLC boosted its stake in Orbcomm by 6.1% in the fourth quarter. Jennison Associates LLC now owns 4,885,986 shares of the company’s stock valued at $35,375,000 after buying an additional 279,805 shares in the last quarter. Morgan Stanley boosted 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 valued at $1,351,000 after buying an additional 11,324 shares during the period. Finally, Sei Investments Co. purchased a new position in shares of Orbcomm during the fourth quarter valued at 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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