BidaskClub Lowers ORBCOMM (NASDAQ:ORBC) to Sell

BidaskClub cut shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a research report report published on Saturday, BidAskClub reports.

Several other research analysts have also issued reports on ORBC. ValuEngine raised ORBCOMM from a hold rating to a buy rating in a research report on Friday, January 3rd. Zacks Investment Research downgraded ORBCOMM from a hold rating to a sell rating in a research note on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $8.75.

NASDAQ:ORBC traded down $0.13 during mid-day trading on Friday, hitting $3.88. 462,038 shares of the company’s stock traded hands, compared to its average volume of 499,763. The company has a fifty day moving average of $4.07 and a 200 day moving average of $4.92. ORBCOMM has a twelve month low of $3.58 and a twelve month high of $9.35. The company has a market capitalization of $314.32 million, a P/E ratio of -14.37 and a beta of 1.02. The company has a debt-to-equity ratio of 1.03, a quick ratio of 2.14 and a current ratio of 2.77.

ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Wednesday, October 30th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). ORBCOMM had a negative return on equity of 8.61% and a negative net margin of 8.03%. The company had revenue of $69.19 million for the quarter, compared to analyst estimates of $71.43 million. During the same period in the prior year, the company posted ($0.04) EPS. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, research analysts expect that ORBCOMM will post -0.24 earnings per share for the current fiscal year.

In other news, CEO Marc Eisenberg purchased 18,000 shares of the company’s stock in a transaction on Monday, November 4th. The shares were acquired at an average price of $4.52 per share, for a total transaction of $81,360.00. Also, Director John E. Major purchased 20,000 shares of the company’s stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $4.30 per share, for a total transaction of $86,000.00. Following the purchase, the director now owns 121,617 shares in the company, valued at approximately $522,953.10. The disclosure for this purchase can be found here. 7.30% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of ORBC. Penn Capital Management Co. Inc. increased its position in ORBCOMM by 2.7% during the 2nd quarter. Penn Capital Management Co. Inc. now owns 300,861 shares of the technology company’s stock valued at $2,181,000 after buying an additional 7,996 shares in the last quarter. Northern Trust Corp increased its position in ORBCOMM by 2.7% during the 2nd quarter. Northern Trust Corp now owns 1,145,176 shares of the technology company’s stock valued at $8,302,000 after buying an additional 30,392 shares in the last quarter. BlackRock Inc. increased its position in ORBCOMM by 1.1% during the 2nd quarter. BlackRock Inc. now owns 5,636,186 shares of the technology company’s stock valued at $40,863,000 after buying an additional 61,145 shares in the last quarter. Vanguard Group Inc. increased its position in ORBCOMM by 34.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,321,847 shares of the technology company’s stock valued at $38,583,000 after buying an additional 1,360,466 shares in the last quarter. Finally, Bank of America Corp DE increased its position in ORBCOMM by 551.5% during the 2nd quarter. Bank of America Corp DE now owns 846,011 shares of the technology company’s stock valued at $6,133,000 after buying an additional 716,163 shares in the last quarter. Hedge funds and other institutional investors own 79.95% 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 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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