Globalstar (NYSEAMERICAN:GSAT) Shares Down 19%

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares were down 19% during mid-day trading on Wednesday . The stock traded as low as $0.46 and last traded at $0.47. Approximately 5,395,430 shares traded hands during mid-day trading, an increase of 150% from the average daily volume of 2,157,308 shares. The stock had previously closed at $0.58.

Several analysts have issued reports on GSAT shares. Zacks Investment Research upgraded Globalstar from a “sell” rating to a “hold” rating in a research note on Thursday, February 28th. TheStreet lowered Globalstar from a “c-” rating to a “d” rating in a research note on Thursday, April 18th.

Globalstar (NYSEAMERICAN:GSAT) last announced its quarterly earnings results on Thursday, May 2nd. The Wireless communications provider reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The company had revenue of $30.08 million during the quarter.

Several hedge funds and other institutional investors have recently made changes to their positions in GSAT. HighPoint Advisor Group LLC purchased a new position in shares of Globalstar in the fourth quarter valued at $33,000. Founders Financial Securities LLC grew its position in shares of Globalstar by 146.6% in the fourth quarter. Founders Financial Securities LLC now owns 67,755 shares of the Wireless communications provider’s stock valued at $43,000 after purchasing an additional 40,280 shares in the last quarter. Wedbush Securities Inc. purchased a new position in shares of Globalstar in the first quarter valued at $49,000. HRT Financial LLC grew its position in shares of Globalstar by 63.8% in the fourth quarter. HRT Financial LLC now owns 116,583 shares of the Wireless communications provider’s stock valued at $74,000 after purchasing an additional 45,400 shares in the last quarter. Finally, Intellectus Partners LLC purchased a new position in shares of Globalstar in the fourth quarter valued at $83,000.

Globalstar Company Profile (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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