Stock Traders Buy High Volume of ORBCOMM Put Options (ORBC)

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ORBCOMM Inc (NASDAQ:ORBC) was the recipient of some unusual options trading activity on Monday. Traders bought 1,000 put options on the stock. This represents an increase of approximately 1,415% compared to the typical daily volume of 66 put options.

A number of equities research analysts have weighed in on ORBC shares. TheStreet downgraded ORBCOMM from a “c-” rating to a “d+” rating in a research report on Friday, March 1st. Roth Capital reiterated a “buy” rating on shares of ORBCOMM in a research report on Monday, March 4th. BidaskClub upgraded ORBCOMM from a “strong sell” rating to a “sell” rating in a report on Friday, February 15th. First Analysis lowered ORBCOMM from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $13.00 to $10.00 in a report on Thursday, February 28th. Finally, Zacks Investment Research downgraded shares of ORBCOMM from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. ORBCOMM has an average rating of “Hold” and an average price target of $9.25.

In other news, EVP John J. Stolte, Jr. sold 4,207 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $7.16, for a total transaction of $30,122.12. Following the completion of the sale, the executive vice president now owns 109,788 shares of the company’s stock, valued at $786,082.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Eisenberg sold 27,878 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $7.16, for a total transaction of $199,606.48. Following the sale, the chief executive officer now directly owns 446,951 shares of the company’s stock, valued at approximately $3,200,169.16. The disclosure for this sale can be found here. Insiders sold 37,581 shares of company stock worth $269,080 in the last 90 days. 7.30% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new stake in ORBCOMM in the 3rd quarter valued at about $446,000. Wells Fargo & Company MN increased its position in shares of ORBCOMM by 9.8% during the third quarter. Wells Fargo & Company MN now owns 136,645 shares of the technology company’s stock worth $1,484,000 after buying an additional 12,154 shares during the period. JPMorgan Chase & Co. boosted its stake in ORBCOMM by 134.1% during the third quarter. JPMorgan Chase & Co. now owns 212,645 shares of the technology company’s stock worth $2,309,000 after acquiring an additional 121,824 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in ORBCOMM by 8.3% during the third quarter. Bank of New York Mellon Corp now owns 733,186 shares of the technology company’s stock worth $7,963,000 after acquiring an additional 56,454 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in ORBCOMM by 6.9% during the third quarter. BlackRock Inc. now owns 5,888,901 shares of the technology company’s stock worth $63,953,000 after acquiring an additional 378,305 shares in the last quarter. 85.85% of the stock is currently owned by institutional investors.

ORBC stock opened at $7.03 on Tuesday. The company has a quick ratio of 2.22, a current ratio of 2.82 and a debt-to-equity ratio of 0.96. ORBCOMM has a 52-week low of $6.19 and a 52-week high of $11.25.

ORBCOMM (NASDAQ:ORBC) last released its earnings results on Wednesday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.05). The company had revenue of $66.30 million during the quarter, compared to the consensus estimate of $76.07 million. ORBCOMM had a negative net margin of 9.51% and a negative return on equity of 10.08%. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.10) EPS. Research analysts expect that ORBCOMM will post -0.13 EPS for the current year.

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ORBCOMM Company 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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