ORBCOMM (NASDAQ:ORBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “
Several other analysts also recently weighed in on ORBC. BidaskClub upgraded ORBCOMM from a “hold” rating to a “buy” rating in a research report on Saturday, July 7th. ValuEngine upgraded ORBCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $14.00.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. ORBCOMM had a negative return on equity of 10.94% and a negative net margin of 9.84%. The firm had revenue of $71.04 million during the quarter, compared to the consensus estimate of $75.37 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. The business’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts predict that ORBCOMM will post -0.28 EPS for the current year.
In related news, Director Jerome B. Eisenberg sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $10.74, for a total transaction of $53,700.00. Following the completion of the transaction, the director now owns 935,305 shares in the company, valued at $10,045,175.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 7.80% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Zions Bancorporation bought a new position in shares of ORBCOMM during the second quarter valued at approximately $101,000. Steward Partners Investment Advisory LLC raised its holdings in shares of ORBCOMM by 908.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 10,083 shares of the technology company’s stock valued at $102,000 after acquiring an additional 9,083 shares in the last quarter. FCA Corp TX bought a new position in shares of ORBCOMM during the third quarter valued at approximately $109,000. Amalgamated Bank bought a new position in shares of ORBCOMM during the second quarter valued at approximately $113,000. Finally, Jane Street Group LLC bought a new position in shares of ORBCOMM during the second quarter valued at approximately $148,000. Institutional investors own 75.18% of the company’s stock.
ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including 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 industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime, and government.
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