ORBCOMM Inc (NASDAQ:ORBC) was the recipient of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 1,830,000 shares, a decrease of 6.2% from the April 30th total of 1,950,000 shares. Approximately 2.5% of the shares of the stock are short sold. Based on an average daily volume of 921,700 shares, the days-to-cover ratio is presently 2.0 days.

Several equities research analysts recently commented on the company. Zacks Investment Research cut ORBCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, April 29th. BidaskClub raised ORBCOMM from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, Canaccord Genuity reissued a “buy” rating and set a $9.00 price target on shares of ORBCOMM in a research report on Monday, March 30th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $6.33.

In other ORBCOMM news, CEO Marc Eisenberg acquired 23,607 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was bought at an average price of $1.30 per share, for a total transaction of $30,689.10. Following the acquisition, the chief executive officer now owns 587,751 shares in the company, valued at $764,076.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerome B. Eisenberg bought 23,300 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was acquired at an average cost of $1.30 per share, for a total transaction of $30,290.00. Following the completion of the purchase, the director now directly owns 996,879 shares in the company, valued at $1,295,942.70. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 76,907 shares of company stock valued at $120,379. 6.74% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new position in ORBCOMM during the first quarter worth about $25,000. RFG Advisory LLC acquired a new position in shares of ORBCOMM in the 1st quarter worth approximately $26,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ORBCOMM during the 1st quarter worth approximately $26,000. Point72 Hong Kong Ltd acquired a new stake in ORBCOMM in the 4th quarter valued at approximately $28,000. Finally, Arizona State Retirement System purchased a new stake in ORBCOMM in the first quarter valued at approximately $43,000. Hedge funds and other institutional investors own 75.69% of the company’s stock.

Shares of ORBC stock remained flat at $$2.95 during trading on Friday. 176,691 shares of the stock traded hands, compared to its average volume of 737,482. ORBCOMM has a 1 year low of $1.24 and a 1 year high of $8.44. The firm’s 50-day moving average price is $2.51 and its two-hundred day moving average price is $3.36. The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.52 and a current ratio of 3.23.

ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Thursday, April 30th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The business had revenue of $66.18 million for the quarter, compared to analyst estimates of $66.03 million. ORBCOMM had a negative return on equity of 8.32% and a negative net margin of 7.32%. Equities research analysts predict that ORBCOMM will post -0.37 EPS for the current fiscal year.

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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