BidaskClub Downgrades ORBCOMM (ORBC) to Sell
BidaskClub lowered shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a research report released on Friday morning.
Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of ORBCOMM from a buy rating to a hold rating in a research report on Friday, January 5th. Northland Securities set a $15.00 price target on shares of ORBCOMM and gave the stock a buy rating in a research report on Tuesday, January 16th. Finally, Roth Capital started coverage on shares of ORBCOMM in a research report on Friday, February 2nd. They issued a buy rating and a $14.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. ORBCOMM currently has an average rating of Buy and a consensus price target of $13.67.
Shares of ORBCOMM (NASDAQ:ORBC) opened at $9.99 on Friday. The stock has a market cap of $746.85, a P/E ratio of -11.89 and a beta of 0.96. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. ORBCOMM has a 1 year low of $8.72 and a 1 year high of $11.99.
In other ORBCOMM news, EVP Craig Malone sold 7,923 shares of ORBCOMM stock in a transaction on Friday, January 5th. The shares were sold at an average price of $10.89, for a total transaction of $86,281.47. Following the completion of the transaction, the executive vice president now directly owns 33,496 shares of the company’s stock, valued at $364,771.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Eisenberg sold 23,960 shares of ORBCOMM stock in a transaction on Friday, January 5th. The stock was sold at an average price of $10.89, for a total transaction of $260,924.40. Following the transaction, the chief executive officer now directly owns 366,508 shares of the company’s stock, valued at $3,991,272.12. The disclosure for this sale can be found here. Insiders sold 43,994 shares of company stock worth $479,117 in the last 90 days. 9.50% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new position in ORBCOMM during the third quarter worth $306,000. Skylands Capital LLC boosted its stake in ORBCOMM by 25.9% during the fourth quarter. Skylands Capital LLC now owns 700,050 shares of the technology company’s stock worth $7,127,000 after buying an additional 144,150 shares during the period. Allianz Asset Management GmbH boosted its stake in ORBCOMM by 78.3% during the third quarter. Allianz Asset Management GmbH now owns 325,603 shares of the technology company’s stock worth $3,409,000 after buying an additional 143,033 shares during the period. Pembroke Management LTD purchased a new position in ORBCOMM during the fourth quarter worth $6,842,000. Finally, Eagle Asset Management Inc. boosted its stake in ORBCOMM by 17.5% during the fourth quarter. Eagle Asset Management Inc. now owns 788,775 shares of the technology company’s stock worth $8,029,000 after buying an additional 117,685 shares during the period. 75.89% of the stock is owned by institutional investors.
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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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