ORBCOMM Inc (NASDAQ:ORBC) Short Interest Down 19.0% in January

ORBCOMM Inc (NASDAQ:ORBC) saw a significant drop in short interest in January. As of January 31st, there was short interest totalling 3,060,000 shares, a drop of 19.0% from the January 15th total of 3,780,000 shares. Based on an average daily trading volume, of 739,900 shares, the short-interest ratio is presently 4.1 days. Approximately 4.2% of the shares of the stock are short sold.

ORBC has been the topic of several research reports. ValuEngine upgraded shares of ORBCOMM from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. BidaskClub upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. ORBCOMM presently has a consensus rating of “Hold” and an average target price of $8.75.

In other ORBCOMM news, major shareholder Adage Capital Partners Gp, L.L sold 112,901 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $4.04, for a total value of $456,120.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new stake in ORBCOMM during the 4th quarter worth $28,000. Jane Street Group LLC increased its stake in ORBCOMM by 198.9% during the 4th quarter. Jane Street Group LLC now owns 31,787 shares of the technology company’s stock worth $134,000 after buying an additional 21,151 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in ORBCOMM during the 4th quarter worth $3,178,000. Marshall Wace LLP purchased a new stake in ORBCOMM during the 4th quarter worth $2,576,000. Finally, Marshall Wace North America L.P. purchased a new stake in ORBCOMM during the 4th quarter worth $461,000. Institutional investors and hedge funds own 79.79% of the company’s stock.

Shares of ORBC stock traded down $0.09 during trading hours on Friday, hitting $3.95. The company’s stock had a trading volume of 573,724 shares, compared to its average volume of 578,290. The business has a fifty day moving average of $3.98 and a 200-day moving average of $4.49. The stock has a market cap of $309.23 million, a price-to-earnings ratio of -14.63 and a beta of 0.98. ORBCOMM has a twelve month low of $3.53 and a twelve month high of $9.35. The company has a current ratio of 2.77, a quick ratio of 2.14 and a debt-to-equity ratio of 1.03.

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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