Globalstar (NYSEAMERICAN:GSAT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Globalstar (NYSEAMERICAN:GSATGet Rating) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. They currently have $1.25 price target on the Wireless communications provider’s stock.

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. “

NYSEAMERICAN GSAT opened at $1.02 on Wednesday. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -17.00 and a beta of 0.04. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.12 and a quick ratio of 0.89. Globalstar has a 1-year low of $0.90 and a 1-year high of $2.78.

Globalstar (NYSEAMERICAN:GSATGet Rating) last released its earnings results on Thursday, May 5th. The Wireless communications provider reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a negative return on equity of 25.83% and a negative net margin of 83.04%. During the same period in the prior year, the company posted ($0.02) earnings per share. On average, sell-side analysts forecast that Globalstar will post -0.05 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. Plustick Management LLC acquired a new position in shares of Globalstar during the fourth quarter worth about $10,092,000. Renaissance Technologies LLC acquired a new position in shares of Globalstar during the third quarter worth about $8,961,000. Goldman Sachs Group Inc. grew its position in shares of Globalstar by 437.4% during the third quarter. Goldman Sachs Group Inc. now owns 3,555,257 shares of the Wireless communications provider’s stock worth $5,938,000 after buying an additional 2,893,744 shares in the last quarter. Morgan Stanley grew its position in shares of Globalstar by 49.5% during the second quarter. Morgan Stanley now owns 5,861,881 shares of the Wireless communications provider’s stock worth $10,435,000 after buying an additional 1,940,333 shares in the last quarter. Finally, Caspian Capital LP acquired a new position in shares of Globalstar during the first quarter worth about $2,070,000. 17.81% of the stock is owned by institutional investors.

About Globalstar (Get Rating)

Globalstar, Inc provides mobile satellite 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 usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.

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