ORBCOMM (NASDAQ:ORBC) Sees Strong Trading Volume


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ORBCOMM Inc. (NASDAQ:ORBC) shares saw strong trading volume on Wednesday . 140,808 shares were traded during mid-day trading, a decline of 94% from the previous session’s volume of 2,360,732 shares.The stock last traded at $11.51 and had previously closed at $11.48.

Several equities analysts have commented on the stock. Roth Capital reiterated a “neutral” rating and issued a $11.50 price objective (up from $9.25) on shares of ORBCOMM in a report on Wednesday, April 14th. Raymond James boosted their target price on shares of ORBCOMM from $8.00 to $10.00 and gave the company a “strong-buy” rating in a research report on Wednesday, March 3rd. Zacks Investment Research raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $8.75 target price for the company in a research report on Thursday, March 18th. Canaccord Genuity reissued a “hold” rating and issued a $11.50 target price (down previously from $13.00) on shares of ORBCOMM in a research report on Wednesday, April 14th. Finally, Craig Hallum cut shares of ORBCOMM from a “buy” rating to a “hold” rating in a research report on Thursday, April 8th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $10.29.

The company has a 50 day moving average price of $8.66 and a 200-day moving average price of $7.08. The company has a quick ratio of 2.37, a current ratio of 2.93 and a debt-to-equity ratio of 1.12. The company has a market cap of $907.09 million, a price-to-earnings ratio of -40.96 and a beta of 1.39.

ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Wednesday, February 24th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. ORBCOMM had a negative return on equity of 9.49% and a negative net margin of 8.52%. The company had revenue of $63.81 million during the quarter, compared to the consensus estimate of $61.82 million. On average, analysts forecast that ORBCOMM Inc. will post -0.32 EPS for the current fiscal year.

In other ORBCOMM news, CFO Constantine Milcos sold 8,394 shares of the stock in a transaction that occurred on Monday, March 8th. The shares were sold at an average price of $7.02, for a total transaction of $58,925.88. Following the completion of the sale, the chief financial officer now owns 104,008 shares of the company’s stock, valued at approximately $730,136.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John J. Stolte, Jr. sold 5,441 shares of the stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $7.02, for a total value of $38,195.82. Following the transaction, the executive vice president now owns 149,327 shares in the company, valued at $1,048,275.54. The disclosure for this sale can be found here. Corporate insiders own 6.74% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Signet Investment Advisory Group Inc. bought a new position in shares of ORBCOMM in the 4th quarter worth $37,000. SOA Wealth Advisors LLC. bought a new stake in ORBCOMM in the 4th quarter worth approximately $78,000. Virtu Financial LLC bought a new stake in ORBCOMM in the 3rd quarter worth approximately $35,000. Engineers Gate Manager LP bought a new stake in ORBCOMM in the 4th quarter worth approximately $77,000. Finally, Walleye Trading LLC bought a new stake in ORBCOMM in the 4th quarter worth approximately $79,000. Institutional investors own 68.12% of the company’s stock.

About ORBCOMM (NASDAQ:ORBC)

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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