Globalstar, Inc. (GSAT) Short Interest Update

Globalstar, Inc. (NYSEAMERICAN:GSAT) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 63,998,440 shares, a decrease of 5.4% from the October 15th total of 67,628,957 shares. Approximately 11.0% of the shares of the company are short sold. Based on an average daily volume of 2,023,003 shares, the short-interest ratio is currently 31.6 days.

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised 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 valued at $145,000 after acquiring an additional 140,596 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in Globalstar during the 2nd quarter valued at $109,000. Jane Street Group LLC bought a new position in shares of Globalstar in the second quarter worth $264,000. Renaissance Technologies LLC bought a new position in shares of Globalstar in the second quarter worth $369,000. Finally, Swiss National Bank increased its holdings in shares of Globalstar by 20.3% in 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 during the period.

GSAT has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Globalstar from a “hold” rating to a “sell” rating in a report on Wednesday, July 25th. Chardan Capital cut shares of 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.

Shares of GSAT stock opened at $0.36 on Friday. Globalstar has a 1 year low of $0.30 and a 1 year high of $1.65.

Globalstar (NYSEAMERICAN:GSAT) last issued its earnings results on Thursday, November 1st. The Wireless communications provider reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $35.69 million for the quarter.

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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.

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