Chardan Capital Downgrades Globalstar to Neutral with Price Target $

Brokerage firm Chardan Capital Downgrades its rating on Globalstar(NYSEMKT:GSAT). In a research note issued to the investors, the brokerage major Removes the price-target to $ per share. The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by Chardan Capital was issued on Jun 13, 2016.

Globalstar (GSAT) made into the market gainers list on Fridays trading session with the shares advancing 2.56% or 0.03 points. Due to strong positive momentum, the stock ended at $1.2, which is also near the day’s high of $1.22. The stock began the session at $1.18 and the volume stood at 1,49,53,807 shares. The 52-week high of the shares is $3 and the 52 week low is $0.632. The company has a current market capitalization of $1,254 M and it has 1,04,49,72,730 shares in outstanding.

Globalstar(GSAT) last announced its earnings results on May 5, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $21.84M. Analysts had an estimated revenue of $23.07M. Earnings per share were $-0.03. Analysts had estimated an EPS of $-0.03.

Several Insider Transactions has been reported to the SEC. On May 18, 2016, David B. Kagan (COO) purchased 37,000 shares at $2.75 per share price.Also, 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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