Globalstar (GSAT) Downgraded to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Globalstar (NYSEAMERICAN:GSAT) from a hold rating to a sell rating in a research note published on Wednesday.

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 upgraded shares of Globalstar from a d+ rating to a c- rating in a research note on Thursday, January 3rd.

GSAT traded down $0.01 during trading on Wednesday, hitting $0.44. 300 shares of the company’s stock were exchanged, compared to its average volume of 2,748,326. Globalstar has a 1 year low of $0.29 and a 1 year high of $0.88.

In other news, CEO James Monroe III bought 155,806,044 shares of the firm’s stock in a transaction dated Friday, December 21st. The stock was acquired at an average cost of $0.36 per share, for a total transaction of $56,090,175.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Investment Management of Virginia LLC boosted its stake in Globalstar by 100.0% during the 4th quarter. Investment Management of Virginia LLC now owns 160,000 shares of the Wireless communications provider’s stock valued at $102,000 after acquiring an additional 80,000 shares during the last quarter. Vanguard Group Inc raised its holdings in shares of Globalstar by 2.5% during the third quarter. Vanguard Group Inc now owns 60,140,025 shares of the Wireless communications provider’s stock worth $30,551,000 after purchasing an additional 1,477,186 shares during the period. Vanguard Group Inc. raised its holdings in shares of Globalstar by 2.5% during the third quarter. Vanguard Group Inc. now owns 60,140,025 shares of the Wireless communications provider’s stock worth $30,551,000 after purchasing an additional 1,477,186 shares during the period. Virtu Financial LLC raised its holdings in shares of Globalstar by 194.0% during the fourth quarter. Virtu Financial LLC now owns 115,545 shares of the Wireless communications provider’s stock worth $74,000 after purchasing an additional 76,246 shares during the period. Finally, Steelhead Partners LLC raised its holdings in shares of Globalstar by 6.3% during the third quarter. Steelhead Partners LLC now owns 32,510,053 shares of the Wireless communications provider’s stock worth $16,515,000 after purchasing an additional 1,933,000 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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