ORBCOMM (NASDAQ:ORBC) Posts Quarterly Earnings Results, Hits Estimates

ORBCOMM (NASDAQ:ORBC) released its earnings results on Wednesday. The technology company reported ($0.08) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08), Briefing.com reports. ORBCOMM had a negative net margin of 7.90% and a negative return on equity of 8.39%. The firm had revenue of $67.10 million during the quarter, compared to analyst estimates of $67.40 million. During the same period last year, the business earned ($0.09) earnings per share. The business’s revenue was down 5.2% on a year-over-year basis.

Shares of NASDAQ ORBC opened at $5.86 on Thursday. ORBCOMM has a twelve month low of $5.65 and a twelve month high of $11.25. The stock has a market cap of $635.81 million, a price-to-earnings ratio of -17.76 and a beta of 1.02. The stock has a 50 day moving average price of $7.56. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.10 and a current ratio of 2.64.

Several research firms have recently issued reports on ORBC. BidaskClub upgraded shares of ORBCOMM from a “hold” rating to a “buy” rating in a report on Saturday, July 27th. Zacks Investment Research upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $9.25.

A number of hedge funds and other institutional investors have recently made changes to their positions in ORBC. Formula Growth Ltd. raised its holdings in ORBCOMM by 178.0% in the 1st quarter. Formula Growth Ltd. now owns 586,481 shares of the technology company’s stock worth $3,976,000 after acquiring an additional 375,481 shares during the last quarter. Granite Investment Partners LLC raised its holdings in ORBCOMM by 24.3% in the 1st quarter. Granite Investment Partners LLC now owns 1,632,005 shares of the technology company’s stock worth $11,065,000 after acquiring an additional 319,230 shares during the last quarter. Portsea Asset Management LLP raised its holdings in ORBCOMM by 4.1% in the 1st quarter. Portsea Asset Management LLP now owns 7,560,464 shares of the technology company’s stock worth $51,260,000 after acquiring an additional 296,549 shares during the last quarter. Connors Investor Services Inc. raised its holdings in ORBCOMM by 99.8% in the 1st quarter. Connors Investor Services Inc. now owns 423,436 shares of the technology company’s stock worth $2,871,000 after acquiring an additional 211,478 shares during the last quarter. Finally, FMR LLC raised its holdings in ORBCOMM by 25.0% in the 4th quarter. FMR LLC now owns 1,047,947 shares of the technology company’s stock worth $8,656,000 after acquiring an additional 209,600 shares during the last quarter. Institutional investors own 87.35% of the company’s stock.

About ORBCOMM

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as 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 transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.

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Earnings History for ORBCOMM (NASDAQ:ORBC)

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