Raging Capital Management LLC Increases Position in ORBCOMM Inc. (ORBC)

Raging Capital Management LLC boosted its stake in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 12.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,248,899 shares of the technology company’s stock after buying an additional 141,660 shares during the period. ORBCOMM makes up 1.2% of Raging Capital Management LLC’s portfolio, making the stock its 24th largest position. Raging Capital Management LLC owned about 1.74% of ORBCOMM worth $11,927,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of ORBC. Gamco Investors INC. ET AL raised its position in shares of ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock valued at $538,000 after buying an additional 165 shares during the period. Principal Financial Group Inc. raised its position in shares of ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock valued at $115,000 after buying an additional 447 shares during the period. Cortina Asset Management LLC raised its position in shares of ORBCOMM by 0.3% in the first quarter. Cortina Asset Management LLC now owns 683,071 shares of the technology company’s stock valued at $6,523,000 after buying an additional 2,012 shares during the period. Deschutes Portfolio Strategy LLC raised its position in shares of ORBCOMM by 6.8% in the first quarter. Deschutes Portfolio Strategy LLC now owns 36,910 shares of the technology company’s stock valued at $352,000 after buying an additional 2,350 shares during the period. Finally, American International Group Inc. raised its position in shares of ORBCOMM by 7.1% in the first quarter. American International Group Inc. now owns 39,814 shares of the technology company’s stock valued at $380,000 after buying an additional 2,637 shares during the period. 80.88% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

ORBCOMM Inc. (NASDAQ ORBC) traded down 0.90% during trading on Friday, reaching $11.00. The company’s stock had a trading volume of 984,237 shares. ORBCOMM Inc. has a 52-week low of $7.15 and a 52-week high of $11.47. The stock’s market cap is $788.35 million. The firm has a 50 day moving average price of $10.02 and a 200-day moving average price of $9.07.

ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Thursday, May 4th. The technology company reported ($0.05) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.05). The firm had revenue of $51.90 million for the quarter, compared to the consensus estimate of $48.59 million. ORBCOMM had a negative return on equity of 4.69% and a negative net margin of 12.69%. The business’s quarterly revenue was up 19.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS. On average, analysts expect that ORBCOMM Inc. will post ($0.22) earnings per share for the current year.

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Several brokerages have recently issued reports on ORBC. Benchmark Co. began coverage on ORBCOMM in a research note on Tuesday, April 25th. They set a “buy” rating and a $13.00 price target on the stock. Craig Hallum set a $13.00 price target on ORBCOMM and gave the company a “buy” rating in a research note on Tuesday. ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered ORBCOMM from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 price target on shares of ORBCOMM in a research note on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $12.88.

In other ORBCOMM news, CEO Marc Eisenberg sold 23,583 shares of ORBCOMM stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $9.56, for a total transaction of $225,453.48. Following the transaction, the chief executive officer now directly owns 275,321 shares of the company’s stock, valued at approximately $2,632,068.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 69,301 shares of company stock worth $697,947 over the last ninety days. Company 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.

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