Several other equities analysts have also recently weighed in on ORBC. Craig Hallum raised shares of ORBCOMM from a hold rating to a buy rating and set a $7.50 price target for the company in a research note on Thursday, August 22nd. Zacks Investment Research downgraded ORBCOMM from a hold rating to a sell rating in a report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $8.75.
Shares of ORBC traded up $0.02 during mid-day trading on Tuesday, hitting $5.57. 11,534 shares of the company’s stock were exchanged, compared to its average volume of 884,064. The company has a market cap of $442.61 million, a PE ratio of -16.70 and a beta of 1.08. ORBCOMM has a 52 week low of $4.38 and a 52 week high of $11.25. The company has a 50-day simple moving average of $5.41 and a 200 day simple moving average of $6.79. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.04 and a quick ratio of 2.42.
In other ORBCOMM news, CFO Constantine Milcos acquired 15,000 shares of ORBCOMM stock in a transaction on Wednesday, September 11th. The stock was purchased at an average price of $5.25 per share, for a total transaction of $78,750.00. Following the purchase, the chief financial officer now directly owns 48,367 shares of the company’s stock, valued at $253,926.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 7.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Griffin Asset Management Inc. raised its holdings in shares of ORBCOMM by 2.0% in the 2nd quarter. Griffin Asset Management Inc. now owns 345,500 shares of the technology company’s stock valued at $2,505,000 after acquiring an additional 6,900 shares in the last quarter. Nuveen Asset Management LLC bought a new position in ORBCOMM during the 2nd quarter worth approximately $4,498,000. UBS Asset Management Americas Inc. grew its position in ORBCOMM by 4.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 47,679 shares of the technology company’s stock worth $346,000 after acquiring an additional 2,093 shares during the last quarter. Morgan Stanley grew its position in shares of ORBCOMM by 915.8% in the 2nd quarter. Morgan Stanley now owns 643,090 shares of the technology company’s stock worth $4,663,000 after buying an additional 579,784 shares during the last quarter. Finally, Connors Investor Services Inc. grew its position in shares of ORBCOMM by 1.4% in the 2nd quarter. Connors Investor Services Inc. now owns 429,296 shares of the technology company’s stock worth $3,112,000 after buying an additional 5,860 shares during the last quarter. 86.37% of the stock is currently owned by institutional investors and hedge funds.
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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