Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on Orbcomm Inc (NASDAQ: ORBC) today and set a price target of $15. The company’s shares opened today at $10.25.
Walkley commented:
“We hosted a discussion and investor meetings with CEO Growth Conference. Management highlighted the strong pipeline of opportunities for growth over the next several years combined with improving adjusted EBITDA margins as platforms scale and new cost- down hardware products enter the model later in 2018. We believe adjusted EBITDA margins will continue to improve over the next several quarters due to the completed deployment of JB Hunt combined with an increasing mix of cost-down versions of key hardware SKUs. We also believe ORBCOMM has a strong pipeline of opportunities to support management guidance of 350-400K net subscriber additions in 2018.”
According to TipRanks.com, Walkley is a top 100 analyst with an average return of 17.1% and a 63.0% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Adesto Technologies Corp, and Digi International Inc.
Currently, the analyst consensus on Orbcomm Inc is a Moderate Buy with an average price target of $14.50.
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Based on Orbcomm Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $7.22 million. In comparison, last year the company had a GAAP net loss of $10.74 million.
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ORBCOMM, Inc. engages in the provision of network connectivity, devices, device management, and web reporting applications. Its products are designed to track, monitor, control and enhance security for a variety of assets, such as heavy equipment; fixed asset monitoring; government and homeland security; and in industries for manufacturing, warehousing, and supply chain management. It operates through the following geographical segments: United States, South America, Japan, Europe, and Other. The company was founded on April 4, 2001 and is headquartered in Rochelle Park, NJ.
