Globalstar (GSAT) Shares Gap Up to $0.35

Globalstar, Inc. (NYSEAMERICAN:GSAT) gapped up prior to trading on Friday . The stock had previously closed at $0.28, but opened at $0.35. Globalstar shares last traded at $0.38, with a volume of 5991649 shares trading hands.

Several brokerages have commented on GSAT. Zacks Investment Research lowered shares of Globalstar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Chardan Capital lowered shares of Globalstar from a “buy” rating to a “neutral” rating and set a $2.50 price target on the stock. in a research note on Thursday, August 9th.

Globalstar (NYSEAMERICAN:GSAT) last posted its quarterly earnings data on Thursday, November 1st. The Wireless communications provider reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The company had revenue of $35.69 million during the quarter.

Institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP bought a new position in shares of Globalstar in the second quarter valued at approximately $1,050,000. Paloma Partners Management Co bought a new stake in Globalstar during the second quarter worth approximately $1,357,000. 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 second quarter worth approximately $109,000. Jane Street Group LLC bought a new stake in Globalstar during the second quarter worth approximately $264,000. Finally, Akanthos Capital Management LLC boosted its holdings in Globalstar by 131.4% during the second quarter. Akanthos Capital Management LLC now owns 7,000,000 shares of the Wireless communications provider’s stock worth $3,429,000 after buying an additional 3,975,150 shares in the last quarter.

Globalstar Company Profile (NYSEAMERICAN:GSAT)

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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