Raymond James Financial Services Advisors Inc. held its stake in ORBCOMM Inc. (NASDAQ:ORBC) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,866 shares of the technology company’s stock at the end of the first quarter. Raymond James Financial Services Advisors Inc.’s holdings in ORBCOMM were worth $257,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Teza Capital Management LLC acquired a new stake in shares of ORBCOMM during the first quarter valued at $116,000. Pinnacle Associates Ltd. acquired a new stake in shares of ORBCOMM during the fourth quarter valued at $207,000. Parametric Portfolio Associates LLC increased its stake in shares of ORBCOMM by 18.7% in the first quarter. Parametric Portfolio Associates LLC now owns 24,493 shares of the technology company’s stock valued at $234,000 after buying an additional 3,858 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of ORBCOMM by 118.9% in the first quarter. UBS Asset Management Americas Inc. now owns 27,581 shares of the technology company’s stock valued at $263,000 after buying an additional 14,981 shares in the last quarter. Finally, Deschutes Portfolio Strategy LLC increased its stake in shares of ORBCOMM by 6.8% in the first quarter. Deschutes Portfolio Strategy LLC now owns 36,910 shares of the technology company’s stock valued at $352,000 after buying an additional 2,350 shares in the last quarter. Hedge funds and other institutional investors own 80.88% of the company’s stock.
Shares of ORBCOMM Inc. (ORBC) opened at 10.92 on Thursday. The company’s market capitalization is $782.61 million. The company’s 50 day moving average price is $10.13 and its 200 day moving average price is $9.13. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.47.
ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Thursday, May 4th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $51.90 million during the quarter, compared to analysts’ expectations of $48.59 million. ORBCOMM had a negative net margin of 12.69% and a negative return on equity of 4.69%. The firm’s quarterly revenue was up 19.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) earnings per share. Analysts expect that ORBCOMM Inc. will post ($0.22) EPS for the current fiscal year.
Several analysts recently weighed in on ORBC shares. Zacks Investment Research downgraded ORBCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. ValuEngine downgraded ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 11th. Benchmark Co. started coverage on ORBCOMM in a research report on Tuesday, April 25th. They set a “buy” rating and a $13.00 price objective for the company. Canaccord Genuity restated a “buy” rating and set a $14.00 price objective on shares of ORBCOMM in a research report on Tuesday, April 11th. Finally, Chardan Capital restated a “buy” rating and set a $11.50 price objective on shares of ORBCOMM in a research report on Thursday, March 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. ORBCOMM has an average rating of “Buy” and an average target price of $12.88.
In other ORBCOMM news, CEO Marc Eisenberg sold 23,583 shares of ORBCOMM stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $9.56, for a total transaction of $225,453.48. Following the completion of the transaction, the chief executive officer now owns 275,321 shares in the company, valued at $2,632,068.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 67,884 shares of company stock valued at $684,443. 9.50% of the stock is currently owned by company insiders.
ORBCOMM Company Profile
ORBCOMM Inc is a provider of Internet of Things (IoT) solutions, including network connectivity, devices, device management and Web reporting applications. The Company’s IoT products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, sea containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime and government.
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