ORBCOMM Inc (ORBC) Holding Boosted by Cortina Asset Management LLC

ORBCOMM Inc (ORBC) Holding Boosted by Cortina Asset Management LLC

Cortina Asset Management LLC increased its stake in shares of ORBCOMM Inc (NASDAQ:ORBC) by 0.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 683,071 shares of the technology company’s stock after buying an additional 2,012 shares during the period. Cortina Asset Management LLC’s holdings in ORBCOMM were worth $6,523,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Franklin Resources Inc. raised its position in ORBCOMM by 32.0% in the fourth quarter. Franklin Resources Inc. now owns 5,177,900 shares of the technology company’s stock valued at $42,821,000 after buying an additional 1,255,700 shares during the last quarter. Granite Investment Partners LLC raised its position in ORBCOMM by 35.3% in the first quarter. Granite Investment Partners LLC now owns 1,716,496 shares of the technology company’s stock valued at $16,393,000 after buying an additional 447,372 shares during the last quarter. State Street Corp raised its position in ORBCOMM by 6.9% in the fourth quarter. State Street Corp now owns 1,126,517 shares of the technology company’s stock valued at $9,320,000 after buying an additional 72,676 shares during the last quarter. Royce & Associates LP raised its position in ORBCOMM by 10.8% in the fourth quarter. Royce & Associates LP now owns 988,800 shares of the technology company’s stock valued at $8,177,000 after buying an additional 96,100 shares during the last quarter. Finally, RK Capital Management LLC raised its position in shares of ORBCOMM by 47.8% in the first quarter. RK Capital Management LLC now owns 957,823 shares of the technology company’s stock worth $9,147,000 after buying an additional 309,600 shares in the last quarter. 80.70% of the stock is owned by institutional investors.

ORBCOMM Inc (NASDAQ ORBC) remained flat at $10.37 during midday trading on Friday. The stock had a trading volume of 599,056 shares. The stock’s market capitalization is $743.20 million. The company’s 50-day moving average is $9.69 and its 200-day moving average is $8.91. ORBCOMM Inc has a 52 week low of $7.15 and a 52 week high of $10.98.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). ORBCOMM had a negative net margin of 10.86% and a negative return on equity of 2.86%. The firm had revenue of $51.90 million during the quarter, compared to the consensus estimate of $48.59 million. During the same period in the prior year, the firm earned ($0.03) EPS. The business’s revenue was up 19.0% on a year-over-year basis. Equities research analysts expect that ORBCOMM Inc will post ($0.20) earnings per share for the current fiscal year.

A number of brokerages have commented on ORBC. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday. Zacks Investment Research lowered shares of ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. Benchmark Co. began coverage on shares of ORBCOMM in a report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price objective on the stock. Canaccord Genuity reiterated a “buy” rating and issued a $14.00 price objective on shares of ORBCOMM in a report on Tuesday, April 11th. Finally, Chardan Capital reiterated a “buy” rating and issued a $11.50 price objective on shares of ORBCOMM in a report on Thursday, March 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $12.83.

In other ORBCOMM news, CEO Marc Eisenberg sold 7,997 shares of the stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $10.01, for a total value of $80,049.97. Following the completion of the sale, the chief executive officer now directly owns 262,324 shares of the company’s stock, valued at approximately $2,625,863.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 41,281 shares of company stock valued at $399,867. Insiders own 9.50% of the company’s stock.

ORBCOMM Company Profile

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:ORBC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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