ORBCOMM (NASDAQ:ORBC) Cut to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of ORBCOMM (NASDAQ:ORBC) from a hold rating to a sell rating in a report issued on Tuesday, Zacks.com reports.

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 issued reports about the company. BidaskClub lowered ORBCOMM from a hold rating to a sell rating in a research note on Wednesday, August 21st. Craig Hallum raised ORBCOMM from a hold rating to a buy rating and set a $7.50 price target on the stock in a research note on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. ORBCOMM currently has an average rating of Hold and a consensus target price of $8.75.

Shares of ORBC stock opened at $4.57 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.04 and a quick ratio of 2.42. The stock has a market cap of $357.30 million, a PE ratio of -13.85 and a beta of 1.08. The stock has a 50-day moving average of $5.75 and a 200-day moving average of $6.92. ORBCOMM has a one year low of $4.38 and a one year high of $11.25.

ORBCOMM (NASDAQ:ORBC) last released its earnings results on Wednesday, July 31st. The technology company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $67.10 million for the quarter, compared to analyst estimates of $67.40 million. ORBCOMM had a negative return on equity of 8.16% and a negative net margin of 7.71%. ORBCOMM’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) EPS. As a group, research analysts anticipate that ORBCOMM will post -0.22 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of ORBC. Capital Fund Management S.A. bought a new position in shares of ORBCOMM during the second quarter worth about $82,000. Steward Partners Investment Advisory LLC bought a new position in shares of ORBCOMM during the second quarter worth about $95,000. BNP Paribas Arbitrage SA raised its position in shares of ORBCOMM by 58,476.9% during the first quarter. BNP Paribas Arbitrage SA now owns 15,230 shares of the technology company’s stock worth $103,000 after acquiring an additional 15,204 shares during the last quarter. M&T Bank Corp increased its holdings in ORBCOMM by 34.8% in the second quarter. M&T Bank Corp now owns 21,930 shares of the technology company’s stock worth $158,000 after purchasing an additional 5,659 shares in the last quarter. Finally, Menta Capital LLC bought a new stake in ORBCOMM in the second quarter worth approximately $171,000. Institutional investors own 82.43% of the company’s stock.

About ORBCOMM

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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