Globalstar, Inc. (NYSEAMERICAN:GSAT) was the recipient of a significant decrease in short interest during the month of March. As of March 29th, there was short interest totalling 81,207,186 shares, a decrease of 3.4% from the March 15th total of 84,044,113 shares. Approximately 13.5% of the shares of the stock are sold short. Based on an average trading volume of 6,609,499 shares, the days-to-cover ratio is presently 12.3 days.
A number of hedge funds and other institutional investors have recently modified their holdings of GSAT. Private Advisor Group LLC raised its holdings in Globalstar by 650.0% in the 3rd quarter. Private Advisor Group LLC now owns 75,000 shares of the Wireless communications provider’s stock valued at $122,000 after buying an additional 65,000 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Globalstar by 360.4% in the 4th quarter. Teacher Retirement System of Texas now owns 185,863 shares of the Wireless communications provider’s stock valued at $243,000 after buying an additional 145,490 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Globalstar in the 4th quarter valued at approximately $350,000. American International Group Inc. raised its holdings in Globalstar by 28.8% in the 4th quarter. American International Group Inc. now owns 383,484 shares of the Wireless communications provider’s stock valued at $502,000 after buying an additional 85,652 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Globalstar by 22.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 458,894 shares of the Wireless communications provider’s stock valued at $601,000 after buying an additional 84,031 shares during the last quarter.
A number of research analysts have recently commented on GSAT shares. TheStreet cut shares of Globalstar from a “c-” rating to a “d+” rating in a report on Friday, February 2nd. Morgan Stanley started coverage on shares of Globalstar in a report on Wednesday. They issued an “equal weight” rating and a $0.70 target price for the company.
Globalstar (NYSEAMERICAN:GSAT) last issued its quarterly earnings data on Thursday, February 22nd. The Wireless communications provider reported ($0.02) earnings per share (EPS) for the quarter. The business had revenue of $29.43 million during the quarter. Globalstar had a net margin of 172.06% and a return on equity of 145.71%.
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Globalstar Company Profile
Globalstar, Inc (Globalstar) provides mobile satellite services (MSS), including voice and data communications services globally through 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.
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