Orbcomm Inc. (ORBC) Reaches New 52-Week High at $10.68
Orbcomm Inc. (NASDAQ:ORBC)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $10.68 and last traded at $10.37, with a volume of 478,656 shares changing hands. The stock had previously closed at $10.30.
Several brokerages have issued reports on ORBC. First Analysis boosted their price target on Orbcomm from $11.00 to $14.00 and gave the company an “overweight” rating in a research note on Wednesday, May 18th. Canaccord Genuity reissued a “buy” rating and issued 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 issued a buy rating to the company’s stock. Orbcomm presently has an average rating of “Buy” and a consensus target price of $11.45.
The firm has a 50-day moving average price of $9.61 and a 200 day moving average price of $8.95. The stock’s market cap is $756.85 million.
Orbcomm (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, May 5th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). On average, equities research analysts predict that Orbcomm Inc. will post ($0.11) EPS for the current fiscal year.
In related news, Director Jerome B. Eisenberg sold 5,000 shares of the firm’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 transaction of $47,300.00. Following the transaction, the director now directly owns 1,013,791 shares in the company, valued at approximately $9,590,462.86. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Other institutional investors recently bought and sold shares of the company. Sei Investments Co. bought a new position in Orbcomm during the fourth quarter valued at about $1,056,000. EAM Investors LLC bought a new position in Orbcomm during the fourth quarter valued at about $1,093,000. Morgan Stanley raised 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 last quarter. Teton Advisors Inc. raised its position in Orbcomm by 2.0% in the fourth quarter. Teton Advisors Inc. now owns 521,335 shares of the company’s stock valued at $3,774,000 after buying an additional 10,000 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its position in Orbcomm by 4.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 791,683 shares of the company’s stock valued at $5,732,000 after buying an additional 36,604 shares during 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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