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

Globalstar (NYSEAMERICAN:GSAT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday, Zacks.com reports. The brokerage presently has a $0.50 price objective on the Wireless communications provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 15.96% from the company’s current price.

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, TheStreet lowered WCF Bancorp from a “c” rating to a “d+” rating in a report on Thursday, April 18th.

Globalstar stock opened at $0.43 on Friday. Globalstar has a 12 month low of $0.29 and a 12 month high of $0.73.

Globalstar (NYSEAMERICAN:GSAT) last issued its quarterly earnings data on Thursday, May 2nd. The Wireless communications provider reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $30.08 million during the quarter.

Several institutional investors and hedge funds have recently modified their holdings of the stock. 683 Capital Management LLC grew its holdings in Globalstar by 302.8% during the fourth quarter. 683 Capital Management LLC now owns 16,110,778 shares of the Wireless communications provider’s stock valued at $10,306,000 after purchasing an additional 12,110,778 shares during the period. Bank of America Corp DE lifted its position in shares of Globalstar by 230.8% in the fourth quarter. Bank of America Corp DE now owns 377,341 shares of the Wireless communications provider’s stock valued at $242,000 after acquiring an additional 263,269 shares in the last quarter. Wedbush Securities Inc. purchased a new position in shares of Globalstar in the first quarter valued at about $49,000. Geode Capital Management LLC lifted its position in shares of Globalstar by 45.3% in the fourth quarter. Geode Capital Management LLC now owns 4,896,346 shares of the Wireless communications provider’s stock valued at $3,131,000 after acquiring an additional 1,526,583 shares in the last quarter. Finally, Columbia Pacific Advisors LLC lifted its position in shares of Globalstar by 7.5% in the first quarter. Columbia Pacific Advisors LLC now owns 13,356,082 shares of the Wireless communications provider’s stock valued at $5,743,000 after acquiring an additional 931,161 shares in the last quarter.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services, voice and data communications services through satellite worldwide. It offers communications services via satellite which includes: two-way voice communication and data transmissions using mobile or fixed devices; and one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station.

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