Orbcomm Inc. (ORBC) Sees Unusually-High Trading Volume
Orbcomm Inc. (NASDAQ:ORBC) saw an uptick in trading volume on Wednesday . 1,326,554 shares changed hands during trading, an increase of 138% from the previous session’s volume of 556,440 shares.The stock last traded at $10.81 and had previously closed at $10.84.
Separately, First Analysis increased their price objective on Orbcomm from $11.00 to $14.00 and gave the company an “overweight” rating in a report on Wednesday, May 18th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Orbcomm currently has a consensus rating of “Buy” and an average price target of $11.45.
The stock has a 50-day moving average price of $10.14 and a 200 day moving average price of $9.28. The stock’s market capitalization is $766.06 million.
Orbcomm (NASDAQ:ORBC) last announced its earnings results on Thursday, May 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Equities research analysts forecast that Orbcomm Inc. will post ($0.11) earnings per share for the current fiscal year.
In other Orbcomm news, Director Jerome B. Eisenberg sold 5,000 shares of the business’s stock in a transaction that occurred 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 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 filing with the SEC, which can be accessed through the SEC website.
Other hedge funds have recently made changes to their positions in the company. Jennison Associates LLC raised its stake 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 during the last quarter. Morgan Stanley increased its position in 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. acquired a new position in 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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