Globalstar (NYSEAMERICAN:GSAT) Trading Down 5.3%


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Globalstar, Inc. (NYSEAMERICAN:GSAT) shares traded down 5.3% during mid-day trading on Wednesday . The stock traded as low as $0.81 and last traded at $0.84. 121,954,711 shares were traded during trading, an increase of 99% from the average session volume of 61,340,664 shares. The stock had previously closed at $0.89.

Separately, BidaskClub upgraded Globalstar from a “sell” rating to a “hold” rating in a report on Thursday, January 7th.

The firm has a fifty day simple moving average of $0.35 and a two-hundred day simple moving average of $0.32.

Globalstar (NYSEAMERICAN:GSAT) last released its quarterly earnings data on Friday, November 6th. The Wireless communications provider reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $32.76 million during the quarter.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Beck Mack & Oliver LLC raised its holdings in shares of Globalstar by 2.1% in the third quarter. Beck Mack & Oliver LLC now owns 19,921,290 shares of the Wireless communications provider’s stock valued at $6,112,000 after buying an additional 416,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Globalstar by 10.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,715,975 shares of the Wireless communications provider’s stock valued at $888,000 after buying an additional 246,535 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of Globalstar by 53.3% in the second quarter. California Public Employees Retirement System now owns 1,224,393 shares of the Wireless communications provider’s stock valued at $400,000 after buying an additional 425,879 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Globalstar by 25.4% in the second quarter. Goldman Sachs Group Inc. now owns 923,847 shares of the Wireless communications provider’s stock valued at $301,000 after buying an additional 187,054 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of Globalstar by 74.5% in the third quarter. UBS Asset Management Americas Inc. now owns 770,093 shares of the Wireless communications provider’s stock valued at $236,000 after buying an additional 328,758 shares during the last quarter.

Globalstar Company Profile (NYSEAMERICAN:GSAT)

Globalstar, Inc provides mobile satellite 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 usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and satellite data modem services comprising asynchronous and packet data services.

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