Analyst Explains Why They Downgraded Their Rating on Orbcomm (ORBC)
Canaccord Genuity analyst Michael Walkley downgraded Orbcomm (ORBC) to Hold today and set a price target of $11.50. The company’s shares closed last Wednesday at $7.57.
According to TipRanks.com, Walkley is a 5-star analyst with an average return of 23.7% and a 64.9% success rate. Walkley covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Sequans Communications S A, and Synchronoss Technologies.
Orbcomm has an analyst consensus of Strong Buy, with a price target consensus of $10.44.
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Orbcomm’s market cap is currently $599M and has a P/E ratio of -18.20. The company has a Price to Book ratio of -32.28.
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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.