Globalstar (GSAT) Downgraded by Chardan Capital to Neutral

Globalstar (NYSEAMERICAN:GSAT) was downgraded by equities research analysts at Chardan Capital from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.

Several other equities research analysts also recently issued reports on GSAT. Morgan Stanley initiated coverage on Globalstar in a report on Wednesday, April 11th. They set an “equal weight” rating and a $0.70 price target for the company. Zacks Investment Research upgraded Globalstar from a “hold” rating to a “buy” rating and set a $0.50 price target for the company in a report on Tuesday, June 12th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. Globalstar currently has an average rating of “Hold” and an average target price of $0.60.

Globalstar opened at $0.53 on Thursday, according to Marketbeat Ratings. Globalstar has a 52 week low of $0.40 and a 52 week high of $2.05.

Globalstar (NYSEAMERICAN:GSAT) last released its quarterly earnings data on Thursday, August 2nd. The Wireless communications provider reported ($0.01) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). The firm had revenue of $33.73 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 have recently bought and sold shares of the business. Royal Bank of Canada lifted its position in shares of Globalstar by 199.6% during 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 during the last quarter. Verition Fund Management LLC bought a new stake in shares of Globalstar during the 1st quarter valued at $153,000. MetLife Investment Advisors LLC bought a new stake in shares of Globalstar during the 4th quarter valued at $350,000. Tibra Equities Europe Ltd bought a new stake in shares of Globalstar during the 1st quarter valued at $399,000. Finally, Alpine Global Management LLC raised its stake in shares of Globalstar by 11.1% during the 1st quarter. Alpine Global Management LLC now owns 1,000,000 shares of the Wireless communications provider’s stock valued at $688,000 after purchasing an additional 100,000 shares during the period.

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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