ORBCOMM (ORBC) Downgraded by Zacks Investment Research

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

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. “

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A number of other research firms have also recently weighed in on ORBC. BidaskClub raised ORBCOMM from a hold rating to a buy rating in a research report on Saturday, January 20th. Roth Capital started coverage on ORBCOMM in a research report on Friday, February 2nd. They set a buy rating and a $14.00 price target for the company. Northland Securities set a $15.00 price target on ORBCOMM and gave the stock a buy rating in a research report on Tuesday, January 16th. Chardan Capital reaffirmed a buy rating on shares of ORBCOMM in a research report on Sunday, March 4th. Finally, Canaccord Genuity lowered their price target on ORBCOMM from $16.00 to $15.00 and set a buy rating for the company in a research report on Friday, March 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. ORBCOMM currently has a consensus rating of Hold and an average price target of $13.67.

ORBCOMM (NASDAQ:ORBC) traded up $0.06 during trading on Wednesday, hitting $10.30. The stock had a trading volume of 601,532 shares, compared to its average volume of 488,222. The company has a quick ratio of 2.21, a current ratio of 2.08 and a debt-to-equity ratio of 1.00. ORBCOMM has a 52-week low of $8.91 and a 52-week high of $11.99.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings data on Thursday, March 1st. The technology company reported ($0.10) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.10). The firm had revenue of $75.98 million during the quarter, compared to analysts’ expectations of $71.68 million. ORBCOMM had a negative return on equity of 10.07% and a negative net margin of 24.11%. The business’s quarterly revenue was up 62.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. equities research analysts expect that ORBCOMM will post -0.17 EPS for the current fiscal year.

In other ORBCOMM news, EVP Craig Malone sold 7,923 shares of ORBCOMM stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $10.89, for a total transaction of $86,281.47. Following the completion of the sale, the executive vice president now owns 33,496 shares of the company’s stock, valued at approximately $364,771.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert G. Costantini sold 11,019 shares of ORBCOMM stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $10.89, for a total value of $119,996.91. Following the sale, the chief financial officer now directly owns 200,215 shares of the company’s stock, valued at approximately $2,180,341.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,669 shares of company stock valued at $670,162. 9.50% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of ORBCOMM in the 3rd quarter valued at about $107,000. Bank of Montreal Can acquired a new position in shares of ORBCOMM in the 4th quarter valued at about $143,000. Highbridge Capital Management LLC acquired a new position in shares of ORBCOMM in the 3rd quarter valued at about $155,000. CIBC World Markets Inc. acquired a new position in shares of ORBCOMM in the 4th quarter valued at about $158,000. Finally, Jefferies Group LLC acquired a new position in shares of ORBCOMM in the 4th quarter valued at about $175,000. 75.89% of the stock is owned by institutional investors and hedge funds.

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About ORBCOMM

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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