Zacks Investment Research Downgrades Globalstar (GSAT) to Hold

Zacks Investment Research downgraded shares of Globalstar (NYSEAMERICAN:GSAT) from a buy rating to a hold rating in a report issued on Friday.

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 Globalstar in a report on Wednesday, April 11th. They set an equal weight rating and a $0.70 price objective for the company.

Shares of GSAT opened at $0.46 on Friday. Globalstar has a 12 month low of $0.44 and a 12 month high of $2.30.

Globalstar (NYSEAMERICAN:GSAT) last issued its quarterly earnings results on Thursday, May 10th. The Wireless communications provider reported ($0.02) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.02). The company had revenue of $28.75 million during the quarter. Globalstar had a return on equity of 145.71% and a net margin of 172.06%.

A number of hedge funds and other institutional investors have recently made changes to their positions in GSAT. BlackRock Inc. boosted its holdings in shares of Globalstar by 17.2% in the fourth quarter. BlackRock Inc. now owns 42,666,783 shares of the Wireless communications provider’s stock worth $55,894,000 after acquiring an additional 6,272,280 shares during the period. Steelhead Partners LLC boosted its holdings in shares of Globalstar by 11.4% in the fourth quarter. Steelhead Partners LLC now owns 29,324,207 shares of the Wireless communications provider’s stock worth $38,415,000 after acquiring an additional 3,000,000 shares during the period. York Capital Management Global Advisors LLC boosted its holdings in shares of Globalstar by 39.6% in the fourth quarter. York Capital Management Global Advisors LLC now owns 16,346,860 shares of the Wireless communications provider’s stock worth $21,414,000 after acquiring an additional 4,634,948 shares during the period. Feinberg Stephen bought a new position in shares of Globalstar in the fourth quarter worth $8,822,000. Finally, New Generation Advisors LLC boosted its holdings in shares of Globalstar by 10.3% in the first quarter. New Generation Advisors LLC now owns 5,887,389 shares of the Wireless communications provider’s stock worth $4,048,000 after acquiring an additional 550,000 shares during the period.

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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