ORBCOMM (NASDAQ:ORBC) Cut to “Neutral” at Roth Capital

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ORBCOMM (NASDAQ:ORBC) was downgraded by equities research analysts at Roth Capital from a “buy” rating to a “neutral” rating in a report released on Thursday, Briefing.com reports. They currently have a $11.50 target price on the technology company’s stock, up from their previous target price of $9.25.

A number of other research analysts have also recently issued reports on the stock. Northland Securities lifted their price objective on shares of ORBCOMM from $6.00 to $10.00 in a research note on Monday, December 21st. Craig Hallum raised their target price on ORBCOMM from $8.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 24th. Raymond James boosted their price target on ORBCOMM from $8.00 to $10.00 and gave the stock a “strong-buy” rating in a report on Wednesday, March 3rd. Finally, Zacks Investment Research raised ORBCOMM from a “hold” rating to a “buy” rating and set a $8.75 price objective on the stock in a research note on Thursday, March 18th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. ORBCOMM presently has a consensus rating of “Buy” and an average price target of $10.29.

Shares of NASDAQ:ORBC traded up $3.93 during trading on Thursday, reaching $11.50. 1,151,880 shares of the company traded hands, compared to its average volume of 1,428,947. The firm has a market capitalization of $909.47 million, a PE ratio of -41.07 and a beta of 1.39. ORBCOMM has a 52 week low of $2.12 and a 52 week high of $9.25. 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’s 50 day moving average is $7.69 and its two-hundred day moving average is $6.50.

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

In related news, EVP John J. Stolte, Jr. sold 5,441 shares of the business’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $7.02, for a total transaction of $38,195.82. Following the sale, the executive vice president now owns 149,327 shares in the company, valued at approximately $1,048,275.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Constantine Milcos sold 8,394 shares of the company’s stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $7.02, for a total value of $58,925.88. Following the completion of the transaction, the chief financial officer now directly owns 104,008 shares of the company’s stock, valued at approximately $730,136.16. The disclosure for this sale can be found here. 6.74% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the company. SOA Wealth Advisors LLC. acquired a new position in shares of ORBCOMM during the 4th quarter valued at $78,000. Virtu Financial LLC increased its stake in ORBCOMM by 228.1% in the fourth quarter. Virtu Financial LLC now owns 33,750 shares of the technology company’s stock valued at $250,000 after purchasing an additional 23,462 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of ORBCOMM by 568.0% during the fourth quarter. JPMorgan Chase & Co. now owns 404,000 shares of the technology company’s stock valued at $2,997,000 after purchasing an additional 343,518 shares during the period. Walleye Trading LLC bought a new position in shares of ORBCOMM during the 4th quarter worth about $79,000. Finally, Walleye Capital LLC acquired a new stake in shares of ORBCOMM in the 4th quarter valued at about $168,000. Institutional investors own 68.12% 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 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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