Globalstar (GSAT) Shares Down 6.7%

Globalstar, Inc. (NYSEAMERICAN:GSAT) was down 6.7% during trading on Monday . The company traded as low as $0.70 and last traded at $0.70. Approximately 3,616,267 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 3,778,191 shares. The stock had previously closed at $0.75.

Separately, TheStreet cut Globalstar from a “c-” rating to a “d+” rating in a research note on Friday, February 2nd.

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The firm has a market cap of $1,040.00, a P/E ratio of -2.33 and a beta of 1.62.

Several large investors have recently made changes to their positions in GSAT. Feinberg Stephen purchased a new position in Globalstar during the fourth quarter valued at approximately $8,822,000. Element Capital Management LLC purchased a new position in Globalstar during the fourth quarter valued at approximately $2,102,000. York Capital Management Global Advisors LLC raised its position in Globalstar by 39.6% during the fourth quarter. York Capital Management Global Advisors LLC now owns 16,346,860 shares of the Wireless communications provider’s stock valued at $21,414,000 after acquiring an additional 4,634,948 shares in the last quarter. Farmstead Capital Management LLC purchased a new position in Globalstar during the fourth quarter valued at approximately $7,281,000. Finally, Steelhead Partners LLC raised its position in Globalstar by 11.4% during the fourth quarter. Steelhead Partners LLC now owns 29,324,207 shares of the Wireless communications provider’s stock valued at $38,415,000 after acquiring an additional 3,000,000 shares in the last quarter.

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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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