Connors Investor Services Inc. increased its position in shares of ORBCOMM Inc (NASDAQ:ORBC) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 429,296 shares of the technology company’s stock after acquiring an additional 5,860 shares during the quarter. Connors Investor Services Inc.’s holdings in ORBCOMM were worth $3,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Capital Fund Management S.A. acquired a new stake in shares of ORBCOMM in the second quarter valued at $82,000. Steward Partners Investment Advisory LLC bought a new stake in ORBCOMM during the 2nd quarter valued at approximately $95,000. BNP Paribas Arbitrage SA boosted its stake in ORBCOMM by 58,476.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 15,230 shares of the technology company’s stock valued at $103,000 after purchasing an additional 15,204 shares during the period. M&T Bank Corp boosted its stake in ORBCOMM by 34.8% during the 2nd quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock valued at $158,000 after purchasing an additional 5,659 shares during the period. Finally, Menta Capital LLC bought a new stake in ORBCOMM during the 2nd quarter valued at approximately $171,000. 86.05% of the stock is currently owned by hedge funds and other institutional investors.

ORBCOMM stock traded up $0.01 during trading hours on Thursday, hitting $5.40. The stock had a trading volume of 4,004 shares, compared to its average volume of 846,711. The company has a 50-day moving average of $5.11 and a two-hundred day moving average of $6.69. The company has a quick ratio of 2.42, a current ratio of 3.04 and a debt-to-equity ratio of 0.99. The company has a market cap of $429.85 million, a PE ratio of -16.30 and a beta of 1.08. ORBCOMM Inc has a fifty-two week low of $4.38 and a fifty-two week high of $11.25.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Wednesday, July 31st. The technology company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $67.10 million during the quarter, compared to analysts’ expectations of $67.40 million. ORBCOMM had a negative return on equity of 8.16% and a negative net margin of 7.71%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, analysts forecast that ORBCOMM Inc will post -0.22 EPS for the current fiscal year.

Several brokerages recently weighed in on ORBC. Zacks Investment Research downgraded ORBCOMM from a “hold” rating to a “sell” rating in a research note on Thursday. Craig Hallum upgraded ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a research note on Thursday, August 22nd. Finally, BidaskClub upgraded ORBCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. ORBCOMM currently has a consensus rating of “Hold” and an average price target of $8.75.

In other news, CFO Constantine Milcos purchased 15,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was purchased at an average price of $5.25 per share, with a total value of $78,750.00. Following the acquisition, the chief financial officer now directly owns 48,367 shares in the company, valued at approximately $253,926.75. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 7.30% of the company’s stock.

ORBCOMM 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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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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