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.
WARNING: This story was originally posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.dispatchtribunal.com/2018/11/10/globalstar-inc-gsat-short-interest-update.html.
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.
Featured Story: Short Selling
Receive News & Ratings for Globalstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globalstar and related companies with MarketBeat.com's FREE daily email newsletter.