Short Interest in Globalstar, Inc. (GSAT) Declines By 6.8%

Globalstar, Inc. (NYSEAMERICAN:GSAT) saw a large decline in short interest during the month of December. As of December 29th, there was short interest totalling 69,956,981 shares, a decline of 6.8% from the December 15th total of 75,073,533 shares. Based on an average daily volume of 4,663,613 shares, the short-interest ratio is presently 15.0 days. Currently, 11.5% of the shares of the company are sold short.

Several research firms have recently weighed in on GSAT. BidaskClub upgraded shares of Globalstar from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 12th. TheStreet upgraded shares of Globalstar from a “d” rating to a “c-” rating in a research note on Monday, November 13th.

In other news, CEO James Monroe III sold 38,000,000 shares of the business’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $1.16, for a total transaction of $44,080,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

A hedge fund recently raised its stake in Globalstar stock. Private Advisor Group LLC boosted its stake in Globalstar, Inc. (NYSEAMERICAN:GSAT) by 650.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 75,000 shares of the Wireless communications provider’s stock after buying an additional 65,000 shares during the period. Private Advisor Group LLC’s holdings in Globalstar were worth $122,000 as of its most recent filing with the SEC.

Globalstar (NYSEAMERICAN:GSAT) opened at $1.30 on Friday. Globalstar has a 52 week low of $1.11 and a 52 week high of $2.59. The firm has a market cap of $1,600.00, a PE ratio of -7.65 and a beta of 2.48.

Globalstar (NYSEAMERICAN:GSAT) last announced its quarterly earnings results on Thursday, November 2nd. The Wireless communications provider reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.06. Globalstar had a net margin of 172.06% and a return on equity of 145.71%. The business had revenue of $30.46 million for the quarter.

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About Globalstar

Globalstar, Inc (Globalstar) provides mobile satellite services (MSS), including voice and data communications services globally through satellite. The Company provides wireless communications services in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.

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