Globalstar (NYSEAMERICAN:GSAT) Shares Down 5.4%

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price fell 5.4% during trading on Thursday . The company traded as low as $0.35 and last traded at $0.35, 2,285,103 shares traded hands during trading. An increase of 25% from the average session volume of 1,822,651 shares. The stock had previously closed at $0.37.

Separately, Zacks Investment Research upgraded Globalstar from a “hold” rating to a “strong-buy” rating and set a $0.50 price objective on the stock in a research report on Thursday, October 3rd.

Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Friday, August 9th. The Wireless communications provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. The business had revenue of $31.19 million for the quarter.

A number of hedge funds have recently bought and sold shares of GSAT. Alpine Group USVI LLC acquired a new stake in shares of Globalstar in the third quarter valued at $703,000. Intellectus Partners LLC acquired a new stake in shares of Globalstar in the third quarter valued at $39,000. Water Island Capital LLC grew its stake in shares of Globalstar by 29.3% in the second quarter. Water Island Capital LLC now owns 362,000 shares of the Wireless communications provider’s stock valued at $174,000 after buying an additional 82,000 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Globalstar by 32.7% in the second quarter. UBS Asset Management Americas Inc. now owns 384,804 shares of the Wireless communications provider’s stock valued at $185,000 after buying an additional 94,909 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Globalstar in the second quarter valued at $62,000.

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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