Orbcomm Inc. (NASDAQ:ORBC) Director Jerome B. Eisenberg sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $10.06, for a total transaction of $50,300.00. Following the completion of the transaction, the director now owns 993,791 shares in the company, valued at approximately $9,997,537.46. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Shares of Orbcomm Inc. (NASDAQ:ORBC) opened at 9.95 on Thursday. The stock has a 50 day moving average of $10.06 and a 200-day moving average of $9.90. The stock’s market capitalization is $706.31 million. Orbcomm Inc. has a one year low of $5.73 and a one year high of $10.98.
Orbcomm (NASDAQ:ORBC) last issued its earnings results on Thursday, August 4th. The company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.04) by $0.02. Orbcomm had a negative return on equity of 1.08% and a negative net margin of 2.41%. The business earned $50.10 million during the quarter, compared to analysts’ expectations of $49 million. During the same period last year, the firm posted ($0.17) EPS. Orbcomm’s quarterly revenue was up 11.5% compared to the same quarter last year. Equities analysts forecast that Orbcomm Inc. will post ($0.15) earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. raised its position in shares of Orbcomm by 45.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 99,300 shares of the company’s stock worth $989,000 after buying an additional 31,100 shares during the period. Metropolitan Life Insurance Co. NY raised its position in shares of Orbcomm by 11.0% in the second quarter. Metropolitan Life Insurance Co. NY now owns 45,461 shares of the company’s stock worth $452,000 after buying an additional 4,515 shares during the period. AQR Capital Management LLC raised its position in shares of Orbcomm by 22.7% in the second quarter. AQR Capital Management LLC now owns 33,633 shares of the company’s stock worth $335,000 after buying an additional 6,233 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Orbcomm during the second quarter worth $552,000. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Orbcomm by 45.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,422,528 shares of the company’s stock worth $14,154,000 after buying an additional 443,300 shares during the period. 81.25% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Orbcomm from a “strong sell” rating to a “hold” rating in a report on Thursday. Canaccord Genuity reiterated a “buy” rating and set a $15.00 target price on shares of Orbcomm in a research report on Monday, September 12th. Finally, Chardan Capital reiterated a “buy” rating and set a $11.50 target price on shares of Orbcomm in a research report on Monday, August 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $12.05.
Orbcomm Company Profile
ORBCOMM Inc is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal 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 the transportation and distribution, heavy equipment, oil and gas, maritime and government industries.
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