Zacks Investment Research Lowers ORBCOMM (NASDAQ:ORBC) to Sell

Zacks Investment Research cut shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “ORBCOMM INC., is a leading global satellite data communications company, focused on Machine-to-Machine communications. Its customers include General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. among other industry leaders. By means of a global network of twenty nine low-earth orbit satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a Network Control Center in Dulles, Virginia. “

Separately, BidaskClub upgraded ORBCOMM from a hold rating to a buy rating in a research report on Saturday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $9.25.



Shares of NASDAQ:ORBC opened at $5.01 on Tuesday. The stock has a market capitalization of $413.92 million, a P/E ratio of -15.18 and a beta of 0.99. ORBCOMM has a 1-year low of $4.95 and a 1-year high of $11.25. The business has a 50-day moving average price of $7.00 and a two-hundred day moving average price of $7.29. The company has a current ratio of 3.04, a quick ratio of 2.42 and a debt-to-equity ratio of 0.99.

ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Wednesday, July 31st. The technology company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.08). The company had revenue of $67.10 million during the quarter, compared to analyst estimates of $67.40 million. ORBCOMM had a negative return on equity of 8.16% and a negative net margin of 7.71%. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) EPS. As a group, equities analysts predict that ORBCOMM will post -0.22 EPS for the current year.

Several institutional investors have recently bought and sold shares of ORBC. Matisse Capital grew its stake in shares of ORBCOMM by 3.9% in the 1st quarter. Matisse Capital now owns 45,530 shares of the technology company’s stock worth $309,000 after buying an additional 1,690 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of ORBCOMM by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 858,710 shares of the technology company’s stock worth $7,092,000 after buying an additional 67,301 shares during the last quarter. Amalgamated Bank purchased a new position in shares of ORBCOMM in the 4th quarter worth $92,000. Connors Investor Services Inc. boosted its stake in shares of ORBCOMM by 99.8% in the 1st quarter. Connors Investor Services Inc. now owns 423,436 shares of the technology company’s stock worth $2,871,000 after buying an additional 211,478 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of ORBCOMM by 25.0% in the 4th quarter. FMR LLC now owns 1,047,947 shares of the technology company’s stock worth $8,656,000 after buying an additional 209,600 shares during the last quarter. Institutional investors own 86.52% of the company’s stock.

About ORBCOMM

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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