Roth Capital Reiterates Buy on ORBCOMM (ORBC) Following Equity Offering

April 9, 2018 8:34 AM EDT
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Price: $11.49 --0%

Rating Summary:
    5 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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Roth Capital reiterated a Buy rating and $14.00 price target on ORBCOMM (NASDAQ: ORBC) following the company's equity offering. The offering will add approximately $28M (after fees) to the balance sheet. Analyst Scott Searle expects this will likely be earmarked for future M&A as the company continues to acquire attractive assets in tracking and monitoring verticals.

Preliminary 1Q18 expectations for the revenue and EBITDA ($66-69M and $9-10M) bracket Roth's expectations of $67.4M and $9.0M and narrow the guided range of $65-70M in sales (EBITDA guidance was $9-10M).

For an analyst ratings summary and ratings history on ORBCOMM click here. For more ratings news on ORBCOMM click here.

Shares of ORBCOMM closed at $8.85 yesterday.

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Roth Capital, Definitive Agreement, Equity Offerings