Globalstar (NYSEAMERICAN:GSAT) Shares Down 12.8%

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares were down 12.8% during trading on Tuesday . The company traded as low as $0.40 and last traded at $0.42, approximately 4,409,953 shares traded hands during mid-day trading. An increase of 161% from the average daily volume of 1,686,715 shares. The stock had previously closed at $0.48.

Separately, Zacks Investment Research upgraded Globalstar from a “hold” rating to a “buy” rating and set a $0.50 price target for the company in a research note on Tuesday, November 26th.

Globalstar (NYSEAMERICAN:GSAT) last announced its quarterly earnings results on Tuesday, November 12th. The Wireless communications provider reported ($0.02) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.02). The firm had revenue of $38.61 million during the quarter.

In related news, CEO James Monroe III bought 2,871,541 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was acquired at an average cost of $0.39 per share, with a total value of $1,119,900.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 4,110,156 shares of company stock valued at $1,692,961 over the last quarter.

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in Globalstar by 3.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,157,038 shares of the Wireless communications provider’s stock worth $1,995,000 after purchasing an additional 147,996 shares during the last quarter. BlackRock Inc. raised its position in Globalstar by 9.4% during the 2nd quarter. BlackRock Inc. now owns 13,338,391 shares of the Wireless communications provider’s stock worth $6,403,000 after purchasing an additional 1,150,747 shares during the last quarter. Penserra Capital Management LLC raised its position in Globalstar by 121.4% during the 3rd quarter. Penserra Capital Management LLC now owns 1,264,317 shares of the Wireless communications provider’s stock worth $523,000 after purchasing an additional 693,145 shares during the last quarter. Silvercrest Asset Management Group LLC bought a new position in Globalstar during the 2nd quarter worth $46,000. Finally, UBS Asset Management Americas Inc. raised its position in Globalstar by 32.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 384,804 shares of the Wireless communications provider’s stock worth $185,000 after purchasing an additional 94,909 shares during the last quarter.

About Globalstar (NYSEAMERICAN:GSAT)

Globalstar, Inc provides mobile satellite services, voice and data communications services through satellite worldwide. It offers communications services via satellite which includes: two-way voice communication and data transmissions using mobile or fixed devices; and one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station.

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