ORBCOMM’s (NASDAQ:ORBC) “Buy” Rating Reiterated at Canaccord Genuity
ORBCOMM Inc. (NASDAQ:ORBC)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity in a research report issued on Thursday. They presently have a $14.00 price target on the technology company’s stock. Canaccord Genuity’s price target indicates a potential upside of 24.11% from the stock’s current price.
A number of other analysts have also recently issued reports on ORBC. Benchmark Co. initiated coverage on ORBCOMM in a research note on Tuesday, April 25th. They set a “buy” rating and a $13.00 target price for the company. Zacks Investment Research cut ORBCOMM from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. ValuEngine cut ORBCOMM from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 11th. Finally, Craig Hallum set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research note on Tuesday, June 13th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. ORBCOMM presently has an average rating of “Buy” and a consensus price target of $12.90.
ORBCOMM (ORBC) traded up 2.36% during mid-day trading on Thursday, hitting $11.28. 898,002 shares of the company traded hands. The company’s market capitalization is $808.42 million. ORBCOMM has a one year low of $7.15 and a one year high of $11.99. The company’s 50-day moving average price is $11.36 and its 200 day moving average price is $9.74.
ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.05. ORBCOMM had a negative return on equity of 6.19% and a negative net margin of 15.52%. The business had revenue of $56.96 million for the quarter, compared to the consensus estimate of $52.93 million. During the same period in the previous year, the company posted ($0.06) earnings per share. ORBCOMM’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, analysts anticipate that ORBCOMM will post ($0.23) earnings per share for the current fiscal year.
In other ORBCOMM news, CEO Marc Eisenberg sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $10.53, for a total transaction of $315,900.00. Following the completion of the transaction, the chief executive officer now owns 215,321 shares of the company’s stock, valued at approximately $2,267,330.13. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $11.51, for a total value of $80,570.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,304 shares of company stock valued at $537,770. Insiders own 9.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Pax World Management LLC purchased a new position in ORBCOMM during the second quarter worth $8,743,000. William Blair Investment Management LLC increased its position in ORBCOMM by 10.4% in the second quarter. William Blair Investment Management LLC now owns 1,236,064 shares of the technology company’s stock worth $13,968,000 after buying an additional 116,878 shares during the period. Gamco Investors INC. ET AL increased its position in ORBCOMM by 3.5% in the second quarter. Gamco Investors INC. ET AL now owns 58,273 shares of the technology company’s stock worth $658,000 after buying an additional 1,950 shares during the period. Legal & General Group Plc increased its position in 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 during the period. Finally, Bank of New York Mellon Corp increased its position in ORBCOMM by 13.8% in the second quarter. Bank of New York Mellon Corp now owns 658,382 shares of the technology company’s stock worth $7,439,000 after buying an additional 79,649 shares during the period. 80.48% of the stock is owned by hedge funds and other institutional investors.
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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