Globalstar (GSAT) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of Globalstar (NYSEAMERICAN:GSAT) from a buy rating to a hold rating in a research report sent to investors on Friday 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, Morgan Stanley started coverage on shares of Globalstar in a research note on Wednesday, April 11th. They set an equal weight rating and a $0.70 target price on the stock.

GSAT stock opened at $0.45 on Friday. Globalstar has a 52-week low of $0.44 and a 52-week high of $2.30.

Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Thursday, May 10th. The Wireless communications provider reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). Globalstar had a net margin of 172.06% and a return on equity of 145.71%. The business had revenue of $28.75 million for the quarter.

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Globalstar by 199.6% in the 1st quarter. Royal Bank of Canada now owns 211,032 shares of the Wireless communications provider’s stock valued at $145,000 after buying an additional 140,596 shares in the last quarter. Verition Fund Management LLC purchased a new position in Globalstar in the 1st quarter valued at about $153,000. Teacher Retirement System of Texas lifted its stake in Globalstar by 360.4% in the 4th quarter. Teacher Retirement System of Texas now owns 185,863 shares of the Wireless communications provider’s stock valued at $243,000 after buying an additional 145,490 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in Globalstar in the 4th quarter valued at about $350,000. Finally, Tibra Equities Europe Ltd purchased a new position in Globalstar in the 1st quarter valued at about $399,000.

Globalstar Company Profile

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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