Globalstar (GSAT) Stock Price Down 5.8%

Globalstar, Inc. (NYSEAMERICAN:GSAT) was down 5.8% on Monday . The stock traded as low as $0.63 and last traded at $0.65. Approximately 3,351,126 shares changed hands during mid-day trading, an increase of 42% from the average daily volume of 2,352,940 shares. The stock had previously closed at $0.69.

Several equities research analysts recently weighed in on GSAT shares. Zacks Investment Research lowered Globalstar from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. TheStreet downgraded Globalstar from a “c-” rating to a “d” rating in a research report on Thursday, April 18th.

Globalstar (NYSEAMERICAN:GSAT) last issued its quarterly earnings results on Thursday, February 28th. The Wireless communications provider reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.05). The business had revenue of $31.95 million during the quarter.

In other Globalstar news, General Counsel L Barbee Iv Ponder sold 342,558 shares of Globalstar stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $0.44, for a total value of $150,725.52. Following the transaction, the general counsel now directly owns 732,819 shares of the company’s stock, valued at approximately $322,440.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Hedge funds and other institutional investors have recently modified their holdings of the business. HighPoint Advisor Group LLC bought a new stake in Globalstar in the fourth quarter valued at about $33,000. Parsec Financial Management Inc. bought a new position in shares of Globalstar in the fourth quarter worth $36,000. Founders Financial Securities LLC increased its holdings 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 worth $43,000 after purchasing an additional 40,280 shares during the period. Wedbush Securities Inc. bought a new position in Globalstar in the first quarter valued at $49,000. Finally, Virtu Financial LLC increased its stake in Globalstar by 194.0% in the fourth quarter. Virtu Financial LLC now owns 115,545 shares of the Wireless communications provider’s stock valued at $74,000 after acquiring an additional 76,246 shares during the last quarter.

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About Globalstar (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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