Globalstar (GSAT) Shares Gap Up to $0.55

Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) gapped up before the market opened on Thursday . The stock had previously closed at $0.53, but opened at $0.55. Globalstar shares last traded at $0.56, with a volume of 6806350 shares.

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

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Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Thursday, February 22nd. The Wireless communications provider reported ($0.02) EPS for the quarter. Globalstar had a net margin of 172.06% and a return on equity of 145.71%. The business had revenue of $29.43 million during the quarter.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Feinberg Stephen acquired a new stake in Globalstar in the 4th quarter valued at approximately $8,822,000. Element Capital Management LLC bought a new position in Globalstar during the 4th quarter valued at $2,102,000. Farmstead Capital Management LLC bought a new position in Globalstar during the 4th quarter valued at $7,281,000. American International Group Inc. boosted 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 valued at $502,000 after purchasing an additional 85,652 shares in the last quarter. Finally, York Capital Management Global Advisors LLC boosted its stake in Globalstar by 39.6% during the 4th 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 purchasing an additional 4,634,948 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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