Globalstar (NYSEAMERICAN:GSAT) Stock Price Down 19%

Globalstar, Inc. (NYSEAMERICAN:GSAT) was down 19% during trading on Wednesday . The company traded as low as $0.46 and last traded at $0.47. Approximately 5,395,430 shares traded hands during mid-day trading, an increase of 150% from the average daily volume of 2,157,308 shares. The stock had previously closed at $0.58.

A number of research analysts have commented on GSAT shares. Zacks Investment Research raised Globalstar from a “hold” rating to a “buy” rating and set a $0.50 price objective on the stock in a report on Wednesday, April 24th. TheStreet lowered Globalstar from a “c-” rating to a “d” rating in a report on Thursday, April 18th.

Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Thursday, May 2nd. The Wireless communications provider reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. The firm had revenue of $30.08 million during the quarter.

Several institutional investors and hedge funds have recently modified their holdings of GSAT. HighPoint Advisor Group LLC bought a new position in shares of Globalstar during the fourth quarter worth about $33,000. Founders Financial Securities LLC raised its position in shares of Globalstar by 146.6% during the fourth quarter. Founders Financial Securities LLC now owns 67,755 shares of the Wireless communications provider’s stock worth $43,000 after acquiring an additional 40,280 shares during the last quarter. Wedbush Securities Inc. bought a new position in shares of Globalstar during the first quarter worth about $49,000. HRT Financial LLC raised its position in shares of Globalstar by 63.8% during the fourth quarter. HRT Financial LLC now owns 116,583 shares of the Wireless communications provider’s stock worth $74,000 after acquiring an additional 45,400 shares during the last quarter. Finally, Intellectus Partners LLC bought a new position in shares of Globalstar during the fourth quarter worth about $83,000.

Globalstar Company Profile (NYSEAMERICAN:GSAT)

Globalstar, Inc provides mobile satellite services, voice and data communications services through satellite worldwide. It offers communications services via satellite which includes: two-way voice communication and data transmissions using mobile or fixed devices; and one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station.

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