Globalstar (GSAT) Shares Down 6%

Globalstar (NYSEAMERICAN:GSAT)’s share price was down 6% during mid-day trading on Monday . The company traded as low as $0.60 and last traded at $0.63. Approximately 6,102,418 shares traded hands during trading, an increase of 42% from the average daily volume of 4,295,615 shares. The stock had previously closed at $0.67.

GSAT has been the topic of several analyst reports. Morgan Stanley initiated coverage on shares of Globalstar in a report on Wednesday, April 11th. They issued an “equal weight” rating and a $0.70 price target on the stock. TheStreet lowered shares of Globalstar from a “c-” rating to a “d+” rating in a report on Friday, February 2nd.

Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Thursday, May 10th. The Wireless communications provider reported ($0.02) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02). Globalstar had a net margin of 172.06% and a return on equity of 145.71%. The business had revenue of $28.75 million for the quarter.



A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in Globalstar by 199.6% during the 1st quarter. Royal Bank of Canada now owns 211,032 shares of the Wireless communications provider’s stock valued at $145,000 after purchasing an additional 140,596 shares during the period. Alpine Global Management LLC lifted its position in Globalstar by 11.1% during the 1st quarter. Alpine Global Management LLC now owns 1,000,000 shares of the Wireless communications provider’s stock valued at $688,000 after purchasing an additional 100,000 shares during the period. Millennium Management LLC lifted its position in Globalstar by 5.5% during the 1st quarter. Millennium Management LLC now owns 5,792,267 shares of the Wireless communications provider’s stock valued at $3,982,000 after purchasing an additional 301,626 shares during the period. Verition Fund Management LLC acquired a new position in Globalstar during the 1st quarter valued at about $153,000. Finally, Element Capital Management LLC lifted its position in Globalstar by 51.2% during the 1st quarter. Element Capital Management LLC now owns 2,426,139 shares of the Wireless communications provider’s stock valued at $1,668,000 after purchasing an additional 821,929 shares during the period.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite voice and data services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational, emergency response, and other applications; fixed voice and data satellite communications services and equipment in rural villages, ships, industrial and commercial sites, and residential sites; and satellite data modem services comprising asynchronous and packet data services.

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