Analysts Set ORBCOMM Inc. (ORBC) Price Target at $12.90
ORBCOMM Inc. (NASDAQ:ORBC) has earned a consensus recommendation of “Buy” from the seven ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $12.90.
ORBC has been the topic of a number of recent analyst reports. ValuEngine lowered ORBCOMM from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 11th. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 target price on shares of ORBCOMM in a research note on Tuesday, April 11th. Zacks Investment Research upgraded ORBCOMM from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Friday, July 14th. 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. Finally, Benchmark Co. started coverage on ORBCOMM in a research note on Tuesday, April 25th. They set a “buy” rating and a $13.00 price target on the stock.
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In other news, CEO Marc Eisenberg sold 6,304 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $10.00, for a total transaction of $63,040.00. Following the transaction, the chief executive officer now owns 261,020 shares in the company, valued at $2,610,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $11.18, for a total value of $78,260.00. Following the transaction, the director now owns 962,780 shares in the company, valued at approximately $10,763,880.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,304 shares of company stock worth $537,770. Insiders own 9.50% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of ORBCOMM by 16.6% in the first quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock valued at $55,424,000 after buying an additional 824,761 shares in the last quarter. Pax World Management LLC purchased a new position in shares of ORBCOMM during the second quarter valued at approximately $8,743,000. FMR LLC raised its position in shares of ORBCOMM by 1,486.7% in the first quarter. FMR LLC now owns 555,347 shares of the technology company’s stock valued at $5,304,000 after buying an additional 520,347 shares in the last quarter. Granite Investment Partners LLC raised its position in shares of ORBCOMM by 35.3% in the first quarter. Granite Investment Partners LLC now owns 1,716,496 shares of the technology company’s stock valued at $16,393,000 after buying an additional 447,372 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of ORBCOMM by 387.8% in the first quarter. Renaissance Technologies LLC now owns 509,786 shares of the technology company’s stock valued at $4,868,000 after buying an additional 405,286 shares in the last quarter. Hedge funds and other institutional investors own 80.40% of the company’s stock.
ORBCOMM (NASDAQ:ORBC) traded down 0.748% during mid-day trading on Friday, reaching $11.285. 160,225 shares of the company traded hands. The company’s 50 day moving average price is $11.36 and its 200 day moving average price is $9.74. ORBCOMM has a 12-month low of $7.15 and a 12-month high of $11.99. The firm’s market capitalization is $808.77 million.
ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.05. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The business had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. During the same quarter in the previous year, the business earned ($0.06) EPS. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. Equities research analysts predict that ORBCOMM will post ($0.25) EPS for the current year.
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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