Globalstar (GSAT) Trading 7.5% Higher

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price traded up 7.5% on Friday . The stock traded as high as $0.41 and last traded at $0.40. 1,360,293 shares changed hands during trading, a decline of 67% from the average session volume of 4,131,865 shares. The stock had previously closed at $0.37.

Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Globalstar from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Chardan Capital downgraded Globalstar from a “buy” rating to a “neutral” rating and set a $2.50 target price on the stock. in a research report on Thursday, August 9th.

Globalstar (NYSEAMERICAN:GSAT) last issued its earnings results on Thursday, November 1st. The Wireless communications provider reported ($0.02) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02). The firm had revenue of $35.69 million during the quarter.

Hedge funds have recently modified their holdings of the company. Water Island Capital LLC purchased a new position in Globalstar in the third quarter worth about $102,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in Globalstar in the second quarter worth about $109,000. Royal Bank of Canada grew its position in Globalstar by 199.6% in the first quarter. Royal Bank of Canada now owns 211,032 shares of the Wireless communications provider’s stock worth $145,000 after acquiring an additional 140,596 shares in the last quarter. Jane Street Group LLC purchased a new position in Globalstar in the second quarter worth about $264,000. Finally, Renaissance Technologies LLC purchased a new position in Globalstar in the second quarter worth about $369,000.

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About Globalstar (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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