Globalstar (GSAT) Shares Down 11.3%

Globalstar, Inc. (NYSEAMERICAN:GSAT) was down 11.3% during mid-day trading on Friday . The stock traded as low as $0.71 and last traded at $0.71. Approximately 5,147,198 shares traded hands during trading, an increase of 21% from the average daily volume of 4,239,408 shares. The stock had previously closed at $0.80.

Several equities research analysts have issued reports on GSAT shares. TheStreet downgraded Globalstar from a “c-” rating to a “d+” rating in a research report on Friday, February 2nd. Morgan Stanley assumed coverage on Globalstar in a research report on Wednesday. They set an “equal weight” rating and a $0.70 target price on the stock.

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Globalstar (NYSEAMERICAN:GSAT) last released its quarterly earnings results on Thursday, February 22nd. The Wireless communications provider reported ($0.02) earnings per share for the quarter. The firm had revenue of $29.43 million during the quarter. Globalstar had a return on equity of 145.71% and a net margin of 172.06%.

Institutional investors have recently added to or reduced their stakes in the company. Feinberg Stephen bought a new position in shares of Globalstar in the fourth quarter worth $8,822,000. Farmstead Capital Management LLC bought a new position in shares of Globalstar in the fourth quarter worth $7,281,000. Element Capital Management LLC bought a new position in shares of Globalstar in the fourth quarter worth $2,102,000. American International Group Inc. increased its holdings in shares of Globalstar by 28.8% in the fourth quarter. American International Group Inc. now owns 383,484 shares of the Wireless communications provider’s stock worth $502,000 after purchasing an additional 85,652 shares during the period. Finally, York Capital Management Global Advisors LLC increased its holdings in shares of Globalstar by 39.6% in the fourth quarter. York Capital Management Global Advisors LLC now owns 16,346,860 shares of the Wireless communications provider’s stock worth $21,414,000 after purchasing an additional 4,634,948 shares during the period.

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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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