Globalstar (NYSEAMERICAN:GSAT) Shares Up 8.1%

Globalstar, Inc. (NYSEAMERICAN:GSAT) shares shot up 8.1% on Wednesday . The stock traded as high as $0.40 and last traded at $0.33, 48,295 shares traded hands during trading. A decline of 97% from the average session volume of 1,432,104 shares. The stock had previously closed at $0.30.

Separately, Zacks Investment Research downgraded shares of Globalstar from a “hold” rating to a “sell” rating in a research note on Monday, February 24th.

Globalstar (NYSEAMERICAN:GSAT) last announced its earnings results on Thursday, February 27th. The Wireless communications provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.04). The firm had revenue of $31.84 million for the quarter. During the same quarter in the prior year, the business earned ($0.07) earnings per share.

A number of large investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. lifted its position in Globalstar by 67.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 60,708 shares of the Wireless communications provider’s stock valued at $31,000 after purchasing an additional 24,500 shares during the period. Virtu Financial LLC lifted its position in Globalstar by 52.4% in the third quarter. Virtu Financial LLC now owns 92,582 shares of the Wireless communications provider’s stock valued at $39,000 after purchasing an additional 31,819 shares during the period. Swiss National Bank lifted its position in Globalstar by 3.2% in the fourth quarter. Swiss National Bank now owns 1,111,754 shares of the Wireless communications provider’s stock valued at $577,000 after purchasing an additional 34,100 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Globalstar by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,398,154 shares of the Wireless communications provider’s stock valued at $1,244,000 after purchasing an additional 43,449 shares during the period. Finally, Parsec Financial Management Inc. lifted its position in Globalstar by 89.1% in the fourth quarter. Parsec Financial Management Inc. now owns 106,100 shares of the Wireless communications provider’s stock valued at $55,000 after purchasing an additional 50,000 shares during the period.

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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