Roth Capital Boosts ORBCOMM (NASDAQ:ORBC) Price Target to $750.00

ORBCOMM (NASDAQ:ORBC) had its price objective hoisted by Roth Capital from $7.00 to $750.00 in a research report released on Thursday morning, The Fly reports.

ORBC has been the topic of a number of other research reports. Zacks Investment Research upgraded ORBCOMM from a sell rating to a hold rating in a report on Thursday, July 2nd. BidaskClub raised ORBCOMM from a sell rating to a hold rating in a research report on Saturday, June 6th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. ORBCOMM has a consensus rating of Buy and an average target price of $192.25.

Shares of ORBC traded down $0.33 during mid-day trading on Thursday, reaching $4.21. The company’s stock had a trading volume of 864,192 shares, compared to its average volume of 556,538. ORBCOMM has a 12-month low of $1.24 and a 12-month high of $7.60. The company has a current ratio of 3.23, a quick ratio of 2.52 and a debt-to-equity ratio of 1.15. The company’s 50 day moving average is $3.79 and its 200 day moving average is $3.20.

ORBCOMM (NASDAQ:ORBC) last released its quarterly earnings data on Thursday, July 30th. The technology company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.05. ORBCOMM had a negative return on equity of 8.56% and a negative net margin of 7.71%. The business had revenue of $56.73 million for the quarter, compared to the consensus estimate of $56.21 million. As a group, equities research analysts expect that ORBCOMM will post -0.42 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd acquired a new stake in shares of ORBCOMM in the 1st quarter valued at about $25,000. RFG Advisory LLC acquired a new stake in ORBCOMM during the 1st quarter worth approximately $26,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ORBCOMM during the 1st quarter worth approximately $26,000. Point72 Hong Kong Ltd acquired a new stake in ORBCOMM during the 4th quarter worth approximately $28,000. Finally, Royal Bank of Canada lifted its position in ORBCOMM by 510,933.3% during the 1st quarter. Royal Bank of Canada now owns 15,331 shares of the technology company’s stock worth $37,000 after acquiring an additional 15,328 shares during the period. 71.42% of the stock is owned by hedge funds and other institutional investors.

About ORBCOMM

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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