NEW YORK (TheStreet) -- Shares of Globalstar (GSAT) continue to slip, down 5.39% to $2.81 in midday trading Monday, following a loss of more than 16% in extended trading Friday after TheStreet's Jim Cramer said to stay away from the stock on CNBC's 'Mad Money.'
Cramer said, "Globalstar has become a total battleground. I'm not the guy to settle battles about wireless technology, but I am concerned about GSAT's balance sheet."
He also pointed out that the world's fourth-largest satellite communications company is on track to miss key covenant targets for its debt.
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About 7.79 million shares of Globalstar have traded hands as of 11:35 a.m. Monday, compared to its average trading volume of about 7.93 million shares a day.
Separately, 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 several 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 area that we feel has been the company's primary weakness has been its feeble growth in its earnings per share."