ValuEngine lowered shares of ORBCOMM (NASDAQ:ORBC) from a buy rating to a hold rating in a research note released on Saturday.

A number of other equities analysts have also recently issued reports on ORBC. BidaskClub cut ORBCOMM from a buy rating to a hold rating in a report on Tuesday, July 17th. Zacks Investment Research upgraded ORBCOMM from a sell rating to a hold rating in a report on Wednesday, July 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $14.00.

Shares of ORBC stock traded down $0.26 during mid-day trading on Friday, hitting $8.54. 619,752 shares of the stock traded hands, compared to its average volume of 549,171. ORBCOMM has a twelve month low of $8.45 and a twelve month high of $11.95. The company has a current ratio of 2.53, a quick ratio of 1.81 and a debt-to-equity ratio of 0.94.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Wednesday, August 1st. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The firm had revenue of $70.79 million for the quarter, compared to analyst estimates of $71.14 million. ORBCOMM had a negative net margin of 22.71% and a negative return on equity of 12.82%. The firm’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.15) earnings per share. As a group, sell-side analysts expect that ORBCOMM will post -0.27 earnings per share for the current fiscal year.

In related news, Director Jerome B. Eisenberg sold 5,000 shares of ORBCOMM stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $9.41, for a total value of $47,050.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 15,000 shares of company stock worth $155,050 over the last 90 days. Insiders own 7.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new stake in shares of ORBCOMM in the third quarter worth $446,000. Ingalls & Snyder LLC acquired a new stake in shares of ORBCOMM in the third quarter worth $12,674,000. FCA Corp TX acquired a new stake in shares of ORBCOMM in the third quarter worth $109,000. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of ORBCOMM by 8.2% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 166,464 shares of the technology company’s stock worth $1,807,000 after buying an additional 12,621 shares during the period. Finally, Northern Trust Corp boosted its position in shares of ORBCOMM by 8.5% in the second quarter. Northern Trust Corp now owns 1,020,663 shares of the technology company’s stock worth $10,308,000 after buying an additional 79,557 shares during the period. Institutional investors and hedge funds own 75.21% of the company’s stock.

ORBCOMM Company Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, 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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