In a report released today, Michael Latimore from Northland Securities maintained a Buy rating on Orbcomm (ORBC), with a price target of $10.00. The company’s shares closed last Friday at $6.87, close to its 52-week high of $7.18.
According to TipRanks.com, Latimore is a top 100 analyst with an average return of 27.8% and a 65.5% success rate. Latimore covers the Technology sector, focusing on stocks such as Comtech Telecommunications, Synchronoss Technologies, and Ribbon Communications.
Currently, the analyst consensus on Orbcomm is a Strong Buy with an average price target of $9.33, implying a 31.9% upside from current levels. In a report issued on December 10, Canaccord Genuity also maintained a Buy rating on the stock with a $10.00 price target.
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Based on Orbcomm’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $61.74 million and GAAP net loss of $5.53 million. In comparison, last year the company earned revenue of $69.19 million and had a GAAP net loss of $4.01 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.
