ORBCOMM Inc. (ORBC) Director Jerome B. Eisenberg Sells 7,000 Shares
ORBCOMM Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total transaction of $80,220.00. Following the completion of the sale, the director now directly owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $69.37 million during the quarter, compared to analyst estimates of $65.62 million. ORBCOMM had a negative return on equity of 7.77% and a negative net margin of 25.32%. The company’s revenue was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.04) EPS. sell-side analysts forecast that ORBCOMM Inc. will post -0.38 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a research report on Thursday, August 3rd. ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research downgraded ORBCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, Northland Securities set a $13.00 price target on ORBCOMM and gave the company a “buy” rating in a report on Monday, August 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $13.25.
A number of institutional investors and hedge funds have recently bought and sold shares of ORBC. Verition Fund Management LLC bought a new position in shares of ORBCOMM during the second quarter valued at $254,000. Swiss National Bank raised its holdings in ORBCOMM by 5.0% during the 1st quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock worth $1,004,000 after purchasing an additional 5,000 shares during the last quarter. Granite Point Capital Management L.P. bought a new stake in ORBCOMM during the 2nd quarter worth about $565,000. Eagle Asset Management Inc. bought a new stake in ORBCOMM during the 2nd quarter worth about $7,211,000. Finally, Wells Fargo & Company MN raised its holdings in ORBCOMM by 58.4% during the 2nd quarter. Wells Fargo & Company MN now owns 214,738 shares of the technology company’s stock worth $2,426,000 after purchasing an additional 79,134 shares during the last quarter. Hedge funds and other institutional investors own 77.49% 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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