ORBCOMM (NASDAQ:ORBC) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. The firm currently has $13.00 price target on the technology company’s stock.

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. “

Other analysts have also recently issued research reports about the stock. Canaccord Genuity reissued a hold rating and issued a $11.50 price target (down previously from $13.00) on shares of ORBCOMM in a research note on Wednesday, April 14th. Roth Capital reaffirmed a neutral rating and set a $11.50 price objective (up previously from $9.25) on shares of ORBCOMM in a research report on Wednesday, April 14th. Craig Hallum cut shares of ORBCOMM from a buy rating to a hold rating in a research report on Thursday, April 8th. Northland Securities reaffirmed a market perform rating and set a $11.50 price objective on shares of ORBCOMM in a research report on Tuesday, May 11th. Finally, Raymond James cut shares of ORBCOMM from a strong-buy rating to an underperform rating in a research report on Monday, May 10th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $11.25.

ORBCOMM stock opened at $11.29 on Tuesday. The company has a 50 day moving average price of $11.05. ORBCOMM has a 1-year low of $3.32 and a 1-year high of $11.55. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.67 and a current ratio of 2.10. The stock has a market cap of $897.77 million, a PE ratio of -23.52 and a beta of 1.56.

ORBCOMM (NASDAQ:ORBC) last posted its quarterly earnings results on Thursday, April 29th. The technology company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. ORBCOMM had a negative net margin of 15.26% and a negative return on equity of 8.68%. The business had revenue of $63.70 million during the quarter, compared to analysts’ expectations of $62.14 million. On average, research analysts forecast that ORBCOMM will post -0.17 earnings per share for the current year.

Hedge funds have recently modified their holdings of the business. Dorsey Wright & Associates boosted its position in ORBCOMM by 135.0% in the 1st quarter. Dorsey Wright & Associates now owns 4,700 shares of the technology company’s stock valued at $36,000 after buying an additional 2,700 shares during the period. Signet Investment Advisory Group Inc. purchased a new position in ORBCOMM in the 4th quarter valued at approximately $37,000. Acadian Asset Management LLC purchased a new position in ORBCOMM in the 1st quarter valued at approximately $48,000. SOA Wealth Advisors LLC. purchased a new position in ORBCOMM in the 4th quarter valued at approximately $78,000. Finally, Engineers Gate Manager LP purchased a new position in ORBCOMM in the 4th quarter valued at approximately $77,000. 66.32% of the stock is owned by institutional investors.

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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