ORBCOMM Inc (NASDAQ:ORBC) Short Interest Up 14.3% in October
ORBCOMM Inc (NASDAQ:ORBC) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 4,320,000 shares, an increase of 14.3% from the September 15th total of 3,780,000 shares. Based on an average daily trading volume, of 973,900 shares, the short-interest ratio is presently 4.4 days. Approximately 5.8% of the shares of the stock are short sold.
A number of equities analysts have commented on the stock. Zacks Investment Research cut shares of ORBCOMM from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. BidaskClub raised shares of ORBCOMM from a “strong sell” rating to a “sell” rating in a research note on Friday, October 18th. Finally, Craig Hallum raised shares of ORBCOMM from a “hold” rating to a “buy” rating and set a $7.50 price target for the company in a research note on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. ORBCOMM currently has a consensus rating of “Hold” and a consensus target price of $8.75.
In related news, CFO Constantine Milcos purchased 15,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was acquired at an average price of $5.25 per share, with a total value of $78,750.00. Following the purchase, the chief financial officer now directly owns 48,367 shares in the company, valued at $253,926.75.....