Globalstar (GSAT) Upgraded to Hold by Zacks Investment Research

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Zacks Investment Research upgraded shares of Globalstar (NYSEAMERICAN:GSAT) from a sell rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications. “

Separately, Chardan Capital lowered Globalstar from a buy rating to a neutral rating and set a $2.50 target price for the company. in a report on Thursday, August 9th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Globalstar presently has an average rating of Hold and a consensus target price of $1.23.

Shares of NYSEAMERICAN GSAT opened at $0.52 on Tuesday. Globalstar has a twelve month low of $0.40 and a twelve month high of $2.05.

Globalstar (NYSEAMERICAN:GSAT) last issued its quarterly earnings data on Thursday, August 2nd. The Wireless communications provider reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Globalstar had a return on equity of 145.71% and a net margin of 172.06%. The business had revenue of $33.73 million during the quarter.

A number of large investors have recently added to or reduced their stakes in GSAT. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in Globalstar in the second quarter valued at $109,000. Royal Bank of Canada boosted its holdings in Globalstar by 199.6% in the first quarter. Royal Bank of Canada now owns 211,032 shares of the Wireless communications provider’s stock valued at $145,000 after purchasing an additional 140,596 shares during the period. Verition Fund Management LLC purchased a new position in Globalstar in the first quarter valued at $153,000. Jane Street Group LLC purchased a new position in Globalstar in the second quarter valued at $264,000. Finally, MetLife Investment Advisors LLC purchased a new position in Globalstar in the fourth quarter valued at $350,000.

About Globalstar

Globalstar, Inc provides mobile satellite voice and data services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational, emergency response, and other applications; fixed voice and data satellite communications services and equipment in rural villages, ships, industrial and commercial sites, and residential sites; and satellite data modem services comprising asynchronous and packet data services.

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