Globalstar (GSAT) is Downgraded by Chardan Capital Markets to Neutral

Globalstar (GSAT) was Downgraded by Chardan Capital Markets to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Chardan Capital Markets advised their investors in a research report released on Jun 13, 2016.

On the company’s financial health, Globalstar reported $-0.03 EPS for the quarter, based on the information available during the earnings call on May 5, 2016. Analyst had a consensus estimate of $-0.03. The company had revenue of $21.80 million for the quarter, compared to analysts expectations of $23.07 million. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.13 EPS.

Globalstar closed down -0.01 points or -0.83% at $1.2 with 90,39,497 shares getting traded on Friday. Post opening the session at $1.18, the shares hit an intraday low of $1.16 and an intraday high of $1.22 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on May 18, 2016, David B. Kagan (COO) purchased 37,000 shares at $2.75 per share price. According to the SEC, on Jan 26, 2016, L Barbee Iv Ponder (General Counsel) sold 1,300 shares at $1.67 per share price. On Dec 10, 2015, James Iii Monroe (CEO) purchased 2,000,000 shares at $1.85 per share price, according to the Form-4 filing with the securities and exchange commission.

Globalstar Inc. provides mobile satellite services including voice and data communications services globally via satellite. The Company provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. It provides various communications services via satellite which include two-way voice communication and data transmissions (Duplex) using mobile or fixed devices and one-way data transmissions (Simplex) using a mobile or fixed device that transmits its location and other information to a central monitoring station which includes certain SPOT and Simplex products. It offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways). It also offers hardware and software designs to develop specific applications operating over its network.


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