ORBCOMM Inc. (NASDAQ:ORBC) Releases Earnings Results, Misses Estimates By $0.05 EPS
ORBCOMM Inc. (NASDAQ:ORBC) issued its quarterly earnings results on Thursday. The technology company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.05, Morningstar.com reports. ORBCOMM had a negative return on equity of 6.19% and a negative net margin of 15.52%. The company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $52.93 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis.
ORBCOMM (ORBC) traded up 2.36% on Friday, reaching $11.28. The company’s stock had a trading volume of 898,002 shares. The firm’s market cap is $808.42 million. The stock’s 50 day moving average price is $11.36 and its 200 day moving average price is $9.74. ORBCOMM has a 52-week low of $7.15 and a 52-week high of $11.99.
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A number of brokerages recently commented on ORBC. Craig Hallum set a $13.00 price target on ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. Benchmark Co. began coverage on ORBCOMM in a research report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price target on the stock. ValuEngine cut ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. Zacks Investment Research upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Canaccord Genuity restated a “buy” rating and issued a $14.00 price target on shares of ORBCOMM in a research report on Thursday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $12.90.
In other ORBCOMM news, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total value of $80,570.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Marc Eisenberg sold 6,304 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $10.00, for a total value of $63,040.00. Following the completion of the transaction, the chief executive officer now owns 261,020 shares in the company, valued at $2,610,200. The disclosure for this sale can be found here. Insiders have sold a total of 50,304 shares of company stock worth $537,770 in the last three months. 9.50% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after buying an additional 447 shares in the last quarter. Teza Capital Management LLC acquired a new position in shares of ORBCOMM during the first quarter worth $116,000. Legal & General Group Plc raised its position in shares of ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after buying an additional 670 shares in the last quarter. Paloma Partners Management Co raised its position in shares of ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after buying an additional 644 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of ORBCOMM during the first quarter worth $208,000. Institutional investors and hedge funds own 80.48% of the company’s stock.
ORBCOMM Company Profile
ORBCOMM Inc is a provider of Internet of Things (IoT) solutions, including network connectivity, devices, device management and Web reporting applications. The Company’s IoT products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, sea 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 industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime and government.
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