Orbcomm Inc. (ORBC) Director Jerome B. Eisenberg Sells 5,000 Shares of Stock
Orbcomm Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 5,000 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $10.06, for a total transaction of $50,300.00. Following the transaction, the director now directly owns 993,791 shares of the company’s stock, valued at approximately $9,997,537.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Orbcomm Inc. (NASDAQ:ORBC) opened at 9.95 on Thursday. The firm’s 50-day moving average is $10.06 and its 200 day moving average is $9.90. Orbcomm Inc. has a 52 week low of $5.73 and a 52 week high of $10.98. The company’s market capitalization is $706.31 million.
Orbcomm (NASDAQ:ORBC) last posted its earnings results on Thursday, August 4th. The company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.04) by $0.02. Orbcomm had a negative return on equity of 1.08% and a negative net margin of 2.41%. The business had revenue of $50.10 million for the quarter, compared to the consensus estimate of $49 million. During the same period in the previous year, the firm earned ($0.17) earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. On average, analysts anticipate that Orbcomm Inc. will post ($0.15) earnings per share for the current fiscal year.
A number of research firms recently weighed in on ORBC. Chardan Capital reissued a “buy” rating and issued a $11.50 target price on shares of Orbcomm in a research note on Monday, August 8th. Zacks Investment Research cut shares of Orbcomm from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 9th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $15.00 target price on shares of Orbcomm in a research note on Wednesday, August 10th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Orbcomm has a consensus rating of “Buy” and a consensus price target of $12.05.
Several hedge funds and other institutional investors have recently modified their holdings of ORBC. Principal Financial Group Inc. increased its position in shares of Orbcomm by 3.7% in the second quarter. Principal Financial Group Inc. now owns 11,367 shares of the company’s stock worth $113,000 after buying an additional 401 shares during the period. Cupps Capital Management LLC increased its position in shares of Orbcomm by 62.0% in the first quarter. Cupps Capital Management LLC now owns 17,360 shares of the company’s stock worth $175,000 after buying an additional 6,645 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in shares of Orbcomm during the second quarter worth about $189,000. Barclays PLC increased its position in shares of Orbcomm by 39.7% in the second quarter. Barclays PLC now owns 21,720 shares of the company’s stock worth $217,000 after buying an additional 6,175 shares during the period. Finally, Suntrust Banks Inc. purchased a new position in shares of Orbcomm during the second quarter worth about $226,000. Hedge funds and other institutional investors own 81.25% of the company’s stock.
ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.
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