Boothbay Fund Management LLC grew its position in ORBCOMM Inc. (NASDAQ:ORBC) by 14.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 228,858 shares of the technology company’s stock after purchasing an additional 29,580 shares during the quarter. Boothbay Fund Management LLC owned about 0.31% of ORBCOMM worth $2,396,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in ORBCOMM in the third quarter worth $107,000. PNC Financial Services Group Inc. purchased a new position in ORBCOMM in the second quarter worth $120,000. Principal Financial Group Inc. grew its holdings in ORBCOMM by 4.7% in the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock worth $142,000 after purchasing an additional 569 shares during the last quarter. Legal & General Group Plc grew its holdings in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after purchasing an additional 670 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in ORBCOMM in the second quarter worth $226,000. 77.83% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on ORBC. Zacks Investment Research lowered shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Northland Securities set a $13.00 price objective on shares of ORBCOMM and gave the stock a “buy” rating in a research note on Monday, August 28th. Finally, Canaccord Genuity lifted their price objective on shares of ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $13.25.
In related news, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $10.55, for a total transaction of $73,850.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $10.45, for a total transaction of $409,953.50. The disclosure for this sale can be found here. Insiders have sold 60,230 shares of company stock valued at $638,714 over the last quarter. Insiders own 9.50% of the company’s stock.
Shares of ORBCOMM Inc. (ORBC) opened at $10.42 on Thursday. ORBCOMM Inc. has a one year low of $7.77 and a one year high of $11.99. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99.
ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The company had revenue of $69.37 million for the quarter, compared to analyst estimates of $65.62 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company’s quarterly revenue was up 49.9% on a year-over-year basis. equities research analysts forecast that ORBCOMM Inc. will post -0.84 earnings per share for the current fiscal year.
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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