ORBCOMM Inc. (ORBC) Director Jerome B. Eisenberg Sells 7,000 Shares
ORBCOMM Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 7,000 shares of ORBCOMM stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $11.51, for a total transaction of $80,570.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of ORBCOMM Inc. (NASDAQ ORBC) traded down 2.91% during mid-day trading on Thursday, hitting $11.02. 1,361,491 shares of the stock traded hands. The firm’s 50 day moving average price is $11.36 and its 200-day moving average price is $9.74. The stock’s market cap is $789.78 million. ORBCOMM Inc. has a 12-month low of $7.15 and a 12-month high of $11.99.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.08. ORBCOMM had a negative return on equity of 4.69% and a negative net margin of 12.69%. The firm had revenue of $56.96 million during the quarter, compared to analyst estimates of $52.93 million. During the same period last year, the business earned ($0.06) EPS. The firm’s revenue was up 13.8% on a year-over-year basis. Analysts predict that ORBCOMM Inc. will post ($0.23) earnings per share for the current year.
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Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after buying an additional 447 shares during the period. Teza Capital Management LLC purchased a new stake in ORBCOMM during the first quarter worth $116,000. Legal & General Group Plc boosted its stake in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after buying an additional 670 shares during the period. Paloma Partners Management Co boosted its stake in ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after buying an additional 644 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in ORBCOMM during the first quarter worth $208,000. 80.48% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently weighed in on ORBC shares. Canaccord Genuity reaffirmed a “buy” rating and issued a $14.00 target price on shares of ORBCOMM in a report on Tuesday, April 11th. Benchmark Co. started coverage on shares of ORBCOMM in a report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 target price on the stock. Zacks Investment Research downgraded shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. ValuEngine downgraded shares of ORBCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, May 11th. Finally, Craig Hallum set a $13.00 target price on shares of ORBCOMM and gave the company a “buy” rating in a report on Tuesday, June 13th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $12.90.
ORBCOMM Company Profile
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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