Globalstar (NYSEAMERICAN:GSAT) Shares Down 6.2%

Globalstar, Inc. (NYSEAMERICAN:GSAT)’s stock price fell 6.2% during mid-day trading on Thursday . The company traded as low as $1.45 and last traded at $1.45. 97,416 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 27,010,458 shares. The stock had previously closed at $1.54.

A number of research firms have recently issued reports on GSAT. B. Riley began coverage on Globalstar in a report on Monday, June 21st. They issued a “buy” rating on the stock. Zacks Investment Research raised Globalstar from a “hold” rating to a “buy” rating and set a $1.75 target price on the stock in a report on Wednesday. Finally, TheStreet lowered Globalstar from a “c-” rating to a “d+” rating in a report on Monday, April 19th.

The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.87 and a current ratio of 0.98. The stock has a market capitalization of $2.60 billion, a P/E ratio of -29.80 and a beta of -0.05. The stock’s fifty day simple moving average is $0.34.

Globalstar (NYSEAMERICAN:GSAT) last posted its earnings results on Thursday, May 6th. The Wireless communications provider reported ($0.02) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). Globalstar had a negative return on equity of 22.15% and a negative net margin of 79.81%. The company had revenue of $26.93 million for the quarter. During the same period last year, the company posted ($0.02) EPS. Sell-side analysts forecast that Globalstar, Inc. will post -0.06 EPS for the current fiscal year.

Several large investors have recently modified their holdings of GSAT. Mirabella Financial Services LLP purchased a new position in Globalstar during the first quarter worth about $25,000. Capula Management Ltd purchased a new position in Globalstar during the first quarter worth about $32,000. Stifel Financial Corp purchased a new position in Globalstar during the first quarter worth about $32,000. Alliancebernstein L.P. purchased a new position in Globalstar during the first quarter worth about $37,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Globalstar during the first quarter worth about $39,000. Institutional investors and hedge funds own 13.49% of the company’s stock.

About Globalstar (NYSEAMERICAN:GSAT)

Globalstar, Inc engages in the provision of mobile satellite services. It offers voice and data communications services to following markets: recreation and personal; government; public safety and disaster relief; oil and gas; maritime and fishing; natural resources, mining, and forestry; construction; utilities; and transportation.

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