ORBCOMM Inc (ORBC) Short Interest Down 29.7% in November

ORBCOMM Inc (NASDAQ:ORBC) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 4,483,388 shares, a decrease of 29.7% from the October 31st total of 6,378,720 shares. Currently, 6.0% of the company’s shares are sold short. Based on an average daily volume of 752,296 shares, the days-to-cover ratio is currently 6.0 days.

ORBC has been the subject of a number of research analyst reports. BidaskClub downgraded shares of ORBCOMM from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 25th. ValuEngine raised shares of ORBCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research downgraded shares of ORBCOMM from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $14.00.

Shares of NASDAQ:ORBC opened at $9.48 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.80 and a quick ratio of 2.16. ORBCOMM has a 52-week low of $8.43 and a 52-week high of $11.95. The company has a market capitalization of $747.84 million, a price-to-earnings ratio of -11.29 and a beta of 1.08.

ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. ORBCOMM had a negative net margin of 9.84% and a negative return on equity of 10.94%. The company had revenue of $71.04 million during the quarter, compared to the consensus estimate of $75.37 million. During the same quarter last year, the company earned ($0.10) earnings per share. ORBCOMM’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts anticipate that ORBCOMM will post -0.28 EPS for the current fiscal year.

In related news, Director Jerome B. Eisenberg sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $9.49, for a total transaction of $47,450.00. Following the completion of the sale, the director now owns 925,305 shares of the company’s stock, valued at approximately $8,781,144.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 15,000 shares of company stock valued at $155,450. Corporate insiders own 7.80% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Granite Investment Partners LLC grew its position in ORBCOMM by 0.5% in the second quarter. Granite Investment Partners LLC now owns 1,415,425 shares of the technology company’s stock valued at $14,295,000 after acquiring an additional 6,877 shares in the last quarter. Suffolk Capital Management LLC grew its position in ORBCOMM by 9.2% in the third quarter. Suffolk Capital Management LLC now owns 90,957 shares of the technology company’s stock valued at $988,000 after acquiring an additional 7,685 shares in the last quarter. Rhumbline Advisers grew its position in ORBCOMM by 12.9% in the second quarter. Rhumbline Advisers now owns 69,259 shares of the technology company’s stock valued at $700,000 after acquiring an additional 7,920 shares in the last quarter. Gabelli Funds LLC grew its position in ORBCOMM by 15.4% in the second quarter. Gabelli Funds LLC now owns 60,000 shares of the technology company’s stock valued at $606,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of ORBCOMM by 6.8% during the third quarter. Swiss National Bank now owns 130,000 shares of the technology company’s stock worth $1,412,000 after buying an additional 8,300 shares in the last quarter. 76.65% of the stock is owned by institutional investors.

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ORBCOMM Company Profile

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers solutions, including network connectivity, devices, device management, and Web reporting applications that are designed to track, monitor, control, and enhance security for various assets, including 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 industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime, and government.

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