Northland Securities Reiterates $13.00 Price Target for ORBCOMM Inc (ORBC)
ORBC has been the subject of a number of other research reports. Zacks Investment Research cut ORBCOMM from a buy rating to a hold rating in a report on Wednesday, August 9th. ValuEngine cut ORBCOMM from a sell rating to a strong sell rating in a report on Thursday, May 11th. Craig Hallum set a $13.00 price target on ORBCOMM and gave the stock a buy rating in a report on Tuesday, June 13th. Finally, Canaccord Genuity restated a buy rating and issued a $14.00 price target on shares of ORBCOMM in a report on Thursday, August 3rd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. ORBCOMM presently has a consensus rating of Buy and an average target price of $12.92.
Shares of ORBCOMM (NASDAQ:ORBC) opened at 11.03 on Monday. ORBCOMM has a 12-month low of $7.15 and a 12-month high of $11.99. The stock has a 50 day moving average of $11.33 and a 200 day moving average of $10.08. The company’s market cap is $810.68 million.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.05. The company had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. ORBCOMM had a negative return on equity of 15.22% and a negative net margin of 18.87%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) EPS. Analysts forecast that ORBCOMM will post ($0.36) earnings per share for the current year.
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In other news, CEO Marc Eisenberg sold 30,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $10.53, for a total transaction of $315,900.00. Following the completion of the transaction, the chief executive officer now directly owns 215,321 shares in the company, valued at approximately $2,267,330.13. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $11.51, for a total value of $80,570.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 526,864 shares of company stock valued at $5,894,015. Company insiders own 9.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ORBC. Gamco Investors INC. ET AL boosted its position in ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock valued at $538,000 after buying an additional 165 shares during the period. Principal Financial Group Inc. boosted its position in shares of ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after buying an additional 447 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of ORBCOMM by 0.3% in the second quarter. TIAA CREF Investment Management LLC now owns 174,025 shares of the technology company’s stock valued at $1,966,000 after buying an additional 550 shares during the period. Paloma Partners Management Co boosted its position in shares of ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock valued at $190,000 after buying an additional 644 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after buying an additional 670 shares during the period. Institutional investors own 78.48% of the company’s stock.
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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