Globalstar (GSAT) Shares Down 6%

Globalstar (NYSEAMERICAN:GSAT) shares fell 6% during mid-day trading on Monday . The company traded as low as $0.60 and last traded at $0.63. 6,102,418 shares traded hands during trading, an increase of 42% from the average session volume of 4,295,615 shares. The stock had previously closed at $0.67.

A number of brokerages have recently commented on GSAT. TheStreet cut Globalstar from a “c-” rating to a “d+” rating in a research note on Friday, February 2nd. Morgan Stanley began coverage on Globalstar in a research note on Wednesday, April 11th. They issued an “equal weight” rating and a $0.70 price target for the company.

Globalstar (NYSEAMERICAN:GSAT) last announced its quarterly earnings results on Thursday, May 10th. The Wireless communications provider reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). The company had revenue of $28.75 million during the quarter. Globalstar had a return on equity of 145.71% and a net margin of 172.06%.

Hedge funds have recently made changes to their positions in the company. Silver Rock Financial LP increased its stake in Globalstar by 3.6% during the 4th quarter. Silver Rock Financial LP now owns 1,776,515 shares of the Wireless communications provider’s stock worth $2,398,000 after purchasing an additional 61,800 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Globalstar by 22.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 458,894 shares of the Wireless communications provider’s stock worth $601,000 after purchasing an additional 84,031 shares in the last quarter. American International Group Inc. increased its stake in Globalstar by 28.8% during the 4th quarter. American International Group Inc. now owns 383,484 shares of the Wireless communications provider’s stock worth $502,000 after purchasing an additional 85,652 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Globalstar by 6.4% during the 4th quarter. TIAA CREF Investment Management LLC now owns 1,645,461 shares of the Wireless communications provider’s stock worth $2,156,000 after purchasing an additional 99,159 shares in the last quarter. Finally, Swiss National Bank increased its stake in Globalstar by 12.2% during the 4th quarter. Swiss National Bank now owns 917,554 shares of the Wireless communications provider’s stock worth $1,202,000 after purchasing an additional 100,000 shares in the last quarter.

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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