ORBCOMM Inc. (NASDAQ:ORBC) Position Reduced by Pier Capital LLC

Pier Capital LLC trimmed its holdings in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 8.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 382,919 shares of the technology company’s stock after selling 36,450 shares during the quarter. Pier Capital LLC owned 0.52% of ORBCOMM worth $4,009,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ORBC. SG Americas Securities LLC purchased a new stake in shares of ORBCOMM during the third quarter worth about $107,000. PNC Financial Services Group Inc. bought a new stake in ORBCOMM in the second quarter valued at about $120,000. Principal Financial Group Inc. increased its holdings in ORBCOMM by 4.7% in the second quarter. Principal Financial Group Inc. now owns 12,575 shares of the technology company’s stock valued at $142,000 after buying an additional 569 shares during the last quarter. Legal & General Group Plc increased its holdings in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock valued at $180,000 after buying an additional 670 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in ORBCOMM in the third quarter valued at about $218,000. 77.83% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Jerome B. Eisenberg sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total transaction of $80,220.00. Following the sale, the director now owns 967,363 shares of the company’s stock, valued at $11,085,979.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John J. Stolte, Jr. sold 39,230 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total value of $409,953.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,230 shares of company stock valued at $638,714. Insiders own 9.50% of the company’s stock.

Several analysts recently weighed in on the company. Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Northland Securities set a $13.00 price objective on ORBCOMM and gave the company a “buy” rating in a report on Monday, August 28th. Canaccord Genuity boosted their price objective on ORBCOMM from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday, September 11th. BidaskClub lowered ORBCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday. Finally, ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. ORBCOMM has an average rating of “Buy” and an average target price of $13.25.

ORBCOMM Inc. (NASDAQ ORBC) opened at $9.76 on Friday. The company has a quick ratio of 2.21, a current ratio of 2.79 and a debt-to-equity ratio of 0.99. ORBCOMM Inc. has a 52 week low of $7.77 and a 52 week high of $11.99.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.01). The business had revenue of $69.37 million for the quarter, compared to analyst estimates of $65.62 million. ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. analysts anticipate that ORBCOMM Inc. will post -0.84 EPS for the current fiscal year.

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About ORBCOMM

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.

Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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