Globalstar (NYSEAMERICAN:GSAT) Upgraded by Zacks Investment Research to Buy

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Globalstar (NYSEAMERICAN:GSAT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage presently has a $0.50 price target on the Wireless communications provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 35.14% from the company’s previous close.

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. “

Shares of NYSEAMERICAN:GSAT opened at $0.37 on Tuesday. Globalstar has a 1 year low of $0.29 and a 1 year high of $0.73.

Globalstar (NYSEAMERICAN:GSAT) last announced its quarterly earnings data on Tuesday, November 12th. The Wireless communications provider reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $38.61 million during the quarter.

Several large investors have recently made changes to their positions in GSAT. Vanguard Group Inc. lifted its stake in shares of Globalstar by 10.8% in the 2nd quarter. Vanguard Group Inc. now owns 43,821,255 shares of the Wireless communications provider’s stock valued at $21,034,000 after purchasing an additional 4,282,581 shares during the period. Legion Partners Asset Management LLC lifted its stake in shares of Globalstar by 23.6% in the 2nd quarter. Legion Partners Asset Management LLC now owns 9,809,388 shares of the Wireless communications provider’s stock valued at $4,709,000 after purchasing an additional 1,872,473 shares during the period. Alpine Group USVI LLC acquired a new position in shares of Globalstar in the 3rd quarter valued at about $703,000. BlackRock Inc. lifted its stake in shares of Globalstar by 9.4% in the 2nd quarter. BlackRock Inc. now owns 13,338,391 shares of the Wireless communications provider’s stock valued at $6,403,000 after purchasing an additional 1,150,747 shares during the period. Finally, Penserra Capital Management LLC lifted its stake in shares of Globalstar by 121.4% in the 3rd quarter. Penserra Capital Management LLC now owns 1,264,317 shares of the Wireless communications provider’s stock valued at $523,000 after purchasing an additional 693,145 shares during the period.

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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