Globalstar, Inc. (NYSEAMERICAN:GSAT)’s share price dropped 8.3% during mid-day trading on Thursday . The stock traded as low as $0.42 and last traded at $0.44. Approximately 4,204,557 shares were traded during trading, a decline of 4% from the average daily volume of 4,370,263 shares. The stock had previously closed at $0.48.

GSAT has been the topic of several research reports. Zacks Investment Research raised Globalstar from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Chardan Capital lowered Globalstar from a “buy” rating to a “neutral” rating and set a $2.50 price target on the stock. in a research note on Thursday, August 9th.

Globalstar (NYSEAMERICAN:GSAT) last released its earnings results on Thursday, August 2nd. The Wireless communications provider reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a return on equity of 145.71% and a net margin of 172.06%. The firm had revenue of $33.73 million for the quarter.

A number of large investors have recently added to or reduced their stakes in GSAT. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Globalstar during the second quarter worth about $109,000. Royal Bank of Canada raised its position in shares of Globalstar by 199.6% during the first quarter. Royal Bank of Canada now owns 211,032 shares of the Wireless communications provider’s stock worth $145,000 after purchasing an additional 140,596 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Globalstar during the first quarter worth about $153,000. Jane Street Group LLC acquired a new stake in shares of Globalstar during the second quarter worth about $264,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Globalstar during the second quarter worth about $369,000.

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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