Zacks: Analysts Expect ORBCOMM Inc (ORBC) Will Announce Quarterly Sales of $67.17 Million

Equities research analysts expect ORBCOMM Inc (NASDAQ:ORBC) to announce sales of $67.17 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for ORBCOMM’s earnings, with estimates ranging from $66.94 million to $67.40 million. ORBCOMM reported sales of $51.92 million during the same quarter last year, which indicates a positive year over year growth rate of 29.4%. The firm is expected to report its next quarterly earnings results on Thursday, May 3rd.

According to Zacks, analysts expect that ORBCOMM will report full-year sales of $292.79 million for the current financial year, with estimates ranging from $273.36 million to $301.80 million. For the next year, analysts expect that the business will post sales of $322.27 million per share, with estimates ranging from $308.20 million to $332.00 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow ORBCOMM.

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ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings results on Thursday, March 1st. The technology company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). The business had revenue of $75.98 million for the quarter, compared to analysts’ expectations of $71.68 million. ORBCOMM had a negative net margin of 24.11% and a negative return on equity of 10.07%. The firm’s revenue for the quarter was up 62.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.05) earnings per share.

Several equities analysts have commented on ORBC shares. Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Thursday, January 4th. Chardan Capital reissued a “buy” rating on shares of ORBCOMM in a research report on Sunday, March 4th. BidaskClub lowered ORBCOMM from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. Northland Securities set a $15.00 price objective on ORBCOMM and gave the company a “buy” rating in a research report on Tuesday, January 16th. Finally, Canaccord Genuity lowered their price objective on ORBCOMM from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, March 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. ORBCOMM presently has an average rating of “Hold” and a consensus price target of $13.67.

NASDAQ:ORBC traded down $0.01 during trading hours on Wednesday, hitting $9.24. The company had a trading volume of 337,049 shares, compared to its average volume of 628,727. The company has a quick ratio of 1.46, a current ratio of 2.08 and a debt-to-equity ratio of 1.00. The stock has a market cap of $719.20, a P/E ratio of -11.00 and a beta of 0.94. ORBCOMM has a 52 week low of $8.63 and a 52 week high of $11.99.

In other ORBCOMM news, CEO Marc Eisenberg sold 11,770 shares of the firm’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $10.23, for a total transaction of $120,407.10. Following the completion of the transaction, 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 accessible through this link. Also, Director Jerome B. Eisenberg sold 5,000 shares of the firm’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $9.21, for a total value of $46,050.00. Following the transaction, the director now directly owns 959,998 shares of the company’s stock, valued at approximately $8,841,581.58. The disclosure for this sale can be found here. Insiders have sold 28,675 shares of company stock valued at $284,145 in the last three months. Insiders own 7.80% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of ORBC. SG Americas Securities LLC purchased a new position in shares of ORBCOMM in the 3rd quarter worth about $107,000. Bank of Montreal Can purchased a new position in shares of ORBCOMM in the 4th quarter worth about $143,000. Highbridge Capital Management LLC purchased a new position in shares of ORBCOMM in the 3rd quarter worth about $155,000. CIBC World Markets Inc. purchased a new position in shares of ORBCOMM in the 4th quarter worth about $158,000. Finally, Jefferies Group LLC purchased a new position in shares of ORBCOMM in the 4th quarter worth about $175,000. 72.41% of the stock is owned by hedge funds and other institutional investors.

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About ORBCOMM

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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