Insider Selling: Orbcomm Inc. (ORBC) Director Sells $50,300.00 in Stock
Orbcomm Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 5,000 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $10.06, for a total transaction of $50,300.00. Following the transaction, the director now owns 993,791 shares in the company, valued at $9,997,537.46. The sale was disclosed in a filing with the SEC, which is available through this link.
Shares of Orbcomm Inc. (NASDAQ:ORBC) opened at 9.83 on Monday. The stock has a 50 day moving average of $10.04 and a 200-day moving average of $9.91. Orbcomm Inc. has a 12-month low of $5.73 and a 12-month high of $10.98. The company’s market capitalization is $697.79 million.
Orbcomm (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by $0.02. The firm had revenue of $50.10 million for the quarter, compared to analyst estimates of $49 million. Orbcomm had a negative net margin of 2.41% and a negative return on equity of 1.08%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) EPS. Analysts predict that Orbcomm Inc. will post ($0.15) earnings per share for the current fiscal year.
ORBC has been the topic of several recent research reports. Canaccord Genuity reiterated a “buy” rating and set a $15.00 target price on shares of Orbcomm in a report on Wednesday, August 10th. Chardan Capital reiterated a “buy” rating and set a $11.50 target price on shares of Orbcomm in a report on Monday, August 8th. Finally, Zacks Investment Research cut shares of Orbcomm from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 9th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $12.05.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Loomis Sayles & Co. L P bought a new stake in shares of Orbcomm during the second quarter valued at about $13,201,000. Wellington Management Group LLP raised its stake in shares of Orbcomm by 199.5% in the first quarter. Wellington Management Group LLP now owns 1,855,248 shares of the company’s stock valued at $18,794,000 after buying an additional 1,235,848 shares during the period. Lebenthal Asset Management LLC bought a new stake in shares of Orbcomm during the second quarter valued at about $8,803,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Orbcomm by 219.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 979,228 shares of the company’s stock valued at $9,920,000 after buying an additional 672,375 shares during the period. Finally, Goodman Financial Corp bought a new stake in shares of Orbcomm during the second quarter valued at about $5,536,000. 81.25% of the stock is currently owned by hedge funds and other institutional investors.
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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