Hood River Capital Management LLC Buys Shares of 1,161,024 ORBCOMM Inc. (ORBC)
Hood River Capital Management LLC bought a new position in ORBCOMM Inc. (NASDAQ:ORBC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,161,024 shares of the technology company’s stock, valued at approximately $13,120,000. Hood River Capital Management LLC owned 1.62% of ORBCOMM as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of ORBC. Principal Financial Group Inc. boosted its stake in ORBCOMM by 3.9% in the 1st quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after purchasing an additional 447 shares during the period. PNC Financial Services Group Inc. bought a new position in ORBCOMM in the 2nd quarter worth about $120,000. Legal & General Group Plc boosted its stake in ORBCOMM by 4.4% in the 2nd 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 period. Paloma Partners Management Co boosted its stake in ORBCOMM by 3.3% in the 1st quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after purchasing an additional 644 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in ORBCOMM in the 1st quarter worth about $208,000. Institutional investors and hedge funds own 77.21% of the company’s stock.
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In other news, CFO Robert G. Costantini sold 140,169 shares of the company’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $11.26, for a total value of $1,578,302.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Constantine Milcos sold 13,832 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $11.27, for a total value of $155,886.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 503,864 shares of company stock valued at $5,655,605. Corporate insiders own 9.50% of the company’s stock.
Shares of ORBCOMM Inc. (NASDAQ ORBC) traded down 0.10% during mid-day trading on Monday, hitting $10.10. The stock had a trading volume of 115,043 shares. The stock’s 50-day moving average is $11.00 and its 200 day moving average is $10.40. The company’s market cap is $742.33 million. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.99.
ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.05). The business had revenue of $56.96 million during the quarter, compared to the consensus estimate of $52.93 million. ORBCOMM had a negative return on equity of 6.16% and a negative net margin of 15.52%. The business’s revenue was up 13.8% on a year-over-year basis. During the same period last year, the company earned ($0.06) EPS. On average, equities research analysts forecast that ORBCOMM Inc. will post ($0.35) earnings per share for the current fiscal year.
ORBC has been the subject of several analyst reports. ValuEngine upgraded ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research downgraded ORBCOMM from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Northland Securities set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research note on Monday, August 28th. Canaccord Genuity raised their target price on ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Finally, Craig Hallum set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a research note on Tuesday, June 13th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $13.25.
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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