ORBCOMM (NASDAQ:ORBC) Downgraded by BidaskClub to Sell

BidaskClub downgraded shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a research report sent to investors on Friday, March 2nd.

Other analysts have also issued reports about the stock. Roth Capital assumed coverage on shares of ORBCOMM in a report on Friday, February 2nd. They set a buy rating and a $14.00 target price for the company. Zacks Investment Research upgraded shares of ORBCOMM from a hold rating to a buy rating and set a $12.00 target price for the company in a report on Thursday, January 4th. Finally, Northland Securities set a $15.00 target price on shares of ORBCOMM and gave the stock a buy rating in a report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $13.67.

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ORBCOMM (NASDAQ:ORBC) traded down $0.10 on Friday, reaching $9.53. The company had a trading volume of 534,764 shares, compared to its average volume of 628,192. The company has a market capitalization of $717.16, a PE ratio of -11.35 and a beta of 0.96. The company has a current ratio of 2.08, a quick ratio of 1.46 and a debt-to-equity ratio of 1.00. ORBCOMM has a 1-year low of $8.91 and a 1-year high of $11.99.

ORBCOMM (NASDAQ:ORBC) last released its earnings results on Thursday, March 1st. The technology company reported ($0.10) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.10). ORBCOMM had a negative return on equity of 10.07% and a negative net margin of 24.11%. The business had revenue of $75.98 million for the quarter, compared to analysts’ expectations of $71.68 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The firm’s revenue was up 62.4% on a year-over-year basis. equities research analysts predict that ORBCOMM will post -0.19 EPS for the current year.

In related news, CEO Marc Eisenberg sold 11,770 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $10.23, for a total transaction of $120,407.10. Following the completion of the sale, the chief executive officer now owns 378,278 shares of the company’s stock, valued at $3,869,783.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert G. Costantini sold 3,532 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $10.23, for a total transaction of $36,132.36. Following the sale, the chief financial officer now directly owns 203,746 shares of the company’s stock, valued at approximately $2,084,321.58. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,669 shares of company stock valued at $670,162. 7.80% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ariel Investments LLC increased its position in shares of ORBCOMM by 10.1% during the fourth quarter. Ariel Investments LLC now owns 2,278,944 shares of the technology company’s stock valued at $23,200,000 after acquiring an additional 209,420 shares in the last quarter. Hood River Capital Management LLC increased its position in shares of ORBCOMM by 14.6% during the third quarter. Hood River Capital Management LLC now owns 1,329,991 shares of the technology company’s stock valued at $13,925,000 after acquiring an additional 168,967 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of ORBCOMM by 294.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,283,386 shares of the technology company’s stock valued at $13,065,000 after acquiring an additional 957,783 shares in the last quarter. State Street Corp increased its position in shares of ORBCOMM by 6.5% during the second quarter. State Street Corp now owns 1,250,722 shares of the technology company’s stock valued at $14,137,000 after acquiring an additional 76,762 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of ORBCOMM by 1.2% during the third quarter. Westfield Capital Management Co. LP now owns 1,065,085 shares of the technology company’s stock valued at $11,151,000 after acquiring an additional 12,185 shares in the last quarter. 75.29% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for ORBCOMM (NASDAQ:ORBC)

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