Globalstar, Inc. (NYSE:GSAT – Get Free Report)’s stock price shot up 4.2% during mid-day trading on Thursday . The stock traded as high as $1.11 and last traded at $1.11. 511,411 shares changed hands during trading, a decline of 86% from the average session volume of 3,785,500 shares. The stock had previously closed at $1.06.
Wall Street Analysts Forecast Growth
Separately, StockNews.com downgraded Globalstar from a “hold” rating to a “sell” rating in a research note on Thursday, February 29th.
Read Our Latest Research Report on Globalstar
Globalstar Trading Up 4.2 %
Globalstar (NYSE:GSAT – Get Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $56.48 million during the quarter, compared to analysts’ expectations of $52.92 million. Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. Equities research analysts predict that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.
Institutional Trading of Globalstar
Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Globalstar by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,432,979 shares of the company’s stock valued at $7,117,000 after purchasing an additional 157,706 shares in the last quarter. Deutsche Bank AG raised its position in shares of Globalstar by 14.1% in the 3rd quarter. Deutsche Bank AG now owns 382,670 shares of the company’s stock valued at $501,000 after purchasing an additional 47,216 shares in the last quarter. FMR LLC raised its position in shares of Globalstar by 0.3% in the 3rd quarter. FMR LLC now owns 3,375,719 shares of the company’s stock valued at $4,422,000 after purchasing an additional 10,491 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Globalstar in the 3rd quarter valued at approximately $673,000. Finally, Evergreen Capital Management LLC bought a new stake in shares of Globalstar in the 3rd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.
Globalstar Company Profile
Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. 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 usage, safety, emergency preparedness and response, and other applications.
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