NEW YORK (TheStreet) -- Shares of ORBCOMM Inc. (ORBC) are down -5.64% to $6.36 after Space Exploration Technologies, or SpaceX, postponed its rocket launch with Orbcomm satellites, due to a technical glitch on June 20.
The launch was intended to put six of Orbcomm's 17 next generation satellites into orbit of about 500 miles above Earth, according to Reuters.
Orbcomm is paying a cut-rate $47 million for two SpaceX flights, the second of which is slated for launch later this year, Reuters said.
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Separately, TheStreet Ratings team rates ORBCOMM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ORBCOMM INC (ORBC) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."