NEW YORK (TheStreet) -- Globalstar
(GSAT - Get Report) stock is rallying on Thursday despite the company missing first-quarter revenue estimates.
By midday, shares had climbed 5.1% to $3.08. Trading volume of 5.8 million shares was nearly triple its three-month daily average.
Over its March-ending quarter, the company reported revenue of $20.5 million, a 6% year-over-year increase. Analysts surveyed by Thomson Reuters expected $23.62 million. Net losses of 4 cents a share were inline with estimates.
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TheStreet Ratings team rates GLOBALSTAR INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GLOBALSTAR INC (GSAT) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and weak operating cash flow."
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