Cyrus Capital Partners L.P. purchased a new stake in Globalstar, Inc. (NASDAQ:GSAT) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 839,402 shares of the company’s stock, valued at approximately $1,788,000. Globalstar makes up approximately 0.2% of Cyrus Capital Partners L.P.’s investment portfolio, making the stock its 12th largest holding. Cyrus Capital Partners L.P. owned approximately 0.07% of Globalstar at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Nomura Holdings Inc. increased its position in shares of Globalstar by 24.8% in the second quarter. Nomura Holdings Inc. now owns 100,592 shares of the company’s stock valued at $214,000 after acquiring an additional 20,000 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Globalstar by 0.3% in the second quarter. California State Teachers Retirement System now owns 787,032 shares of the company’s stock valued at $1,676,000 after acquiring an additional 2,609 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Globalstar by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 364,084 shares of the company’s stock valued at $775,000 after acquiring an additional 50,742 shares during the last quarter. MIG Capital LLC increased its position in shares of Globalstar by 98.0% in the second quarter. MIG Capital LLC now owns 4,254,889 shares of the company’s stock valued at $9,063,000 after acquiring an additional 2,105,791 shares during the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new stake in shares of Globalstar in the second quarter valued at about $196,000.
Globalstar, Inc. (NASDAQ GSAT) traded up 1.29% during mid-day trading on Thursday, hitting $1.57. The company had a trading volume of 1,756,588 shares. Globalstar, Inc. has a 12-month low of $0.73 and a 12-month high of $2.59. The firm’s market capitalization is $1.82 billion. The company’s 50 day moving average price is $1.79 and its 200-day moving average price is $1.94.
Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results on Thursday, August 3rd. The company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.07). Globalstar had a negative net margin of 351.08% and a negative return on equity of 320.82%. The business had revenue of $28.13 million during the quarter, compared to the consensus estimate of $25.66 million. During the same period in the previous year, the business posted $0.01 EPS. Globalstar’s revenue was up 12.1% compared to the same quarter last year. On average, analysts forecast that Globalstar, Inc. will post ($0.14) EPS for the current fiscal year.
Globalstar Company Profile
Globalstar, Inc (Globalstar) provides mobile satellite services (MSS), including voice and data communications services globally through satellite. The Company provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.
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