Globalstar (GSAT) Trading Down 8.3%

Share on StockTwits

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares were down 8.3% on Thursday . The company traded as low as $0.42 and last traded at $0.44. Approximately 4,204,557 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 4,370,263 shares. The stock had previously closed at $0.48.

A number of research analysts have weighed in on GSAT shares. Zacks Investment Research upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Chardan Capital downgraded Globalstar from a “buy” rating to a “neutral” rating and set a $2.50 price target for the company. in a research note on Thursday, August 9th.

Globalstar (NYSEAMERICAN:GSAT) last issued its earnings results on Thursday, August 2nd. The Wireless communications provider reported ($0.01) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Globalstar had a return on equity of 145.71% and a net margin of 172.06%. The company had revenue of $33.73 million during the quarter.

Several hedge funds and other institutional investors have recently modified their holdings of GSAT. Royal Bank of Canada lifted its holdings 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 worth $145,000 after purchasing an additional 140,596 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Globalstar during the 2nd quarter worth approximately $109,000. Verition Fund Management LLC acquired a new stake in Globalstar during the 1st quarter worth approximately $153,000. Jane Street Group LLC acquired a new stake in Globalstar during the 2nd quarter worth approximately $264,000. Finally, Renaissance Technologies LLC acquired a new stake in Globalstar during the 2nd quarter worth approximately $369,000.

About Globalstar (NYSEAMERICAN:GSAT)

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.

Recommended Story: What strategies should day traders use to execute a trade?

Receive News & Ratings for Globalstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globalstar and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply