Millennium Management LLC lifted its holdings in shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) by 61.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,330,331 shares of the Wireless communications provider’s stock after buying an additional 3,538,064 shares during the period. Millennium Management LLC’s holdings in Globalstar were worth $4,571,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of GSAT. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of Globalstar during the second quarter worth approximately $109,000. Royal Bank of Canada raised its holdings in Globalstar by 199.6% during the first 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 in the last quarter. Verition Fund Management LLC bought a new stake in Globalstar during the first quarter worth approximately $153,000. Renaissance Technologies LLC bought a new stake in Globalstar during the second quarter worth approximately $369,000. Finally, Swiss National Bank raised its holdings in Globalstar by 20.3% during the second quarter. Swiss National Bank now owns 1,318,154 shares of the Wireless communications provider’s stock worth $646,000 after purchasing an additional 222,800 shares in the last quarter.
Several equities research analysts recently commented on the company. Zacks Investment Research cut Globalstar from a “buy” rating to a “hold” rating in a report on Friday, June 22nd. Chardan Capital cut Globalstar from a “buy” rating to a “neutral” rating and set a $2.50 target price on the stock. in a report on Thursday, August 9th.
Globalstar (NYSEAMERICAN:GSAT) last posted its quarterly earnings results on Thursday, August 2nd. The Wireless communications provider reported ($0.01) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). The company had revenue of $33.73 million for the quarter. Globalstar had a return on equity of 145.71% and a net margin of 172.06%.
Globalstar Company Profile
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.
Further Reading: Yield Curve
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