ORBCOMM (NASDAQ:ORBC) had its price objective raised by research analysts at Raymond James from $8.00 to $10.00 in a research note issued to investors on Thursday, Price Targets.com reports. The firm currently has a "strong-buy" rating on the technology company's stock. Raymond James' target price points to a potential upside of 25.16% from the stock's previous close.
Other analysts have also recently issued research reports about the stock. Northland Securities increased their price target on shares of ORBCOMM from $6.00 to $10.00 in a research note on Monday, December 21st. Canaccord Genuity increased their price target on shares of ORBCOMM from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Thursday, October 29th. Zacks Investment Research cut shares of ORBCOMM from a "buy" rating to a "hold" rating in a research note on Tuesday. TheStreet raised shares of ORBCOMM from a "d+" rating to a "c-" rating in a research note on Thursday, November 19th. Finally, Craig Hallum lifted their target price on shares of ORBCOMM from $8.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. The company currently has an average rating of "Buy" and a consensus target price of $9.33.
NASDAQ ORBC traded up $0.15 during trading hours on Thursday, hitting $7.99. 39,068 shares of the company's stock traded hands, compared to its average volume of 1,592,849. ORBCOMM has a 52-week low of $1.24 and a 52-week high of $9.25. The company has a market capitalization of $623.34 million, a PE ratio of -28.53 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.93 and a quick ratio of 2.37. The firm's 50-day moving average is $8.18 and its 200-day moving average is $5.75.
ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings data on Wednesday, February 24th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. ORBCOMM had a negative net margin of 8.52% and a negative return on equity of 9.49%. Equities research analysts predict that ORBCOMM will post -0.32 earnings per share for the current fiscal year.
In related news, CFO Constantine Milcos sold 15,374 shares of the business's stock in a transaction on Tuesday, January 5th. The stock was sold at an average price of $7.43, for a total transaction of $114,228.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Eisenberg sold 69,082 shares of the business's stock in a transaction on Tuesday, January 5th. The stock was sold at an average price of $7.42, for a total value of $512,588.44. Following the transaction, the chief executive officer now directly owns 608,757 shares of the company's stock, valued at $4,516,976.94. The disclosure for this sale can be found here. Insiders sold a total of 198,396 shares of company stock worth $1,413,391 in the last quarter. Company insiders own 6.74% of the company's stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in ORBCOMM during the 3rd quarter worth $35,000. Meridian Wealth Advisors LLC acquired a new position in shares of ORBCOMM during the 3rd quarter worth about $37,000. Signet Investment Advisory Group Inc. acquired a new position in shares of ORBCOMM during the 4th quarter worth about $37,000. Jane Street Group LLC acquired a new position in shares of ORBCOMM during the 3rd quarter worth about $56,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of ORBCOMM by 421.1% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 18,603 shares of the technology company's stock worth $63,000 after acquiring an additional 15,033 shares in the last quarter. 68.12% of the stock is owned by hedge funds and other institutional investors.
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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