ORBCOMM Inc (NASDAQ:ORBC) Expected to Post Quarterly Sales of $70.44 Million

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Wall Street brokerages expect ORBCOMM Inc (NASDAQ:ORBC) to announce $70.44 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for ORBCOMM’s earnings, with estimates ranging from $67.52 million to $71.90 million. ORBCOMM posted sales of $71.04 million in the same quarter last year, which suggests a negative year-over-year growth rate of 0.8%. The company is expected to issue its next quarterly earnings report on Tuesday, October 29th.

According to Zacks, analysts expect that ORBCOMM will report full-year sales of $279.79 million for the current financial year, with estimates ranging from $277.97 million to $281.10 million. For the next year, analysts expect that the company will report sales of $303.74 million, with estimates ranging from $291.30 million to $323.70 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for ORBCOMM.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Wednesday, July 31st. The technology company reported ($0.08) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). The firm had revenue of $67.10 million during the quarter, compared to the consensus estimate of $67.40 million. ORBCOMM had a negative return on equity of 8.16% and a negative net margin of 7.71%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) EPS.

A number of equities research analysts have recently weighed in on ORBC shares. BidaskClub upgraded ORBCOMM from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Zacks Investment Research downgraded ORBCOMM from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $9.25.

Several institutional investors have recently made changes to their positions in ORBC. Vanguard Group Inc. grew its stake in shares of ORBCOMM by 34.3% during the second quarter. Vanguard Group Inc. now owns 5,321,847 shares of the technology company’s stock worth $38,583,000 after purchasing an additional 1,360,466 shares during the period. Bank of America Corp DE grew its stake in shares of ORBCOMM by 551.5% during the second quarter. Bank of America Corp DE now owns 846,011 shares of the technology company’s stock worth $6,133,000 after purchasing an additional 716,163 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of ORBCOMM during the second quarter worth $4,498,000. Morgan Stanley grew its stake in shares of ORBCOMM by 915.8% during the second quarter. Morgan Stanley now owns 643,090 shares of the technology company’s stock worth $4,663,000 after purchasing an additional 579,784 shares during the period. Finally, Formula Growth Ltd. grew its stake in shares of ORBCOMM by 178.0% during the first quarter. Formula Growth Ltd. now owns 586,481 shares of the technology company’s stock worth $3,976,000 after purchasing an additional 375,481 shares during the period. 86.52% of the stock is owned by institutional investors and hedge funds.

Shares of ORBC stock traded up $0.07 on Tuesday, reaching $5.07. 782,800 shares of the stock were exchanged, compared to its average volume of 1,492,477. The stock has a market cap of $398.77 million, a PE ratio of -15.36 and a beta of 0.99. ORBCOMM has a one year low of $4.95 and a one year high of $11.25. 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 50 day moving average price of $6.96 and a 200 day moving average price of $7.28.

ORBCOMM Company Profile

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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