Globalstar, Inc. (NYSEAMERICAN:GSAT) was the recipient of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 55,609,856 shares, a decline of 0.9% from the December 14th total of 56,106,863 shares. Based on an average daily trading volume, of 11,459,707 shares, the days-to-cover ratio is presently 4.9 days. Approximately 9.4% of the company’s shares are sold short.
In other news, CEO James Monroe III purchased 155,806,044 shares of Globalstar stock in a transaction dated Friday, December 21st. The shares were purchased at an average price of $0.36 per share, with a total value of $56,090,175.84. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Several large investors have recently bought and sold shares of the business. Vanguard Group Inc grew its stake in shares of Globalstar by 2.5% in the third quarter. Vanguard Group Inc now owns 60,140,025 shares of the Wireless communications provider’s stock worth $30,551,000 after acquiring an additional 1,477,186 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Globalstar by 2.5% in the third quarter. Vanguard Group Inc. now owns 60,140,025 shares of the Wireless communications provider’s stock worth $30,551,000 after acquiring an additional 1,477,186 shares in the last quarter. Mason Capital Management LLC grew its stake in shares of Globalstar by 10.9% in the third quarter. Mason Capital Management LLC now owns 10,985,537 shares of the Wireless communications provider’s stock worth $5,603,000 after acquiring an additional 1,080,000 shares in the last quarter. Sound Point Capital Management LP acquired a new position in shares of Globalstar in the third quarter worth $1,016,000. Finally, Steelhead Partners LLC grew its stake in shares of Globalstar by 6.3% in the third quarter. Steelhead Partners LLC now owns 32,510,053 shares of the Wireless communications provider’s stock worth $16,515,000 after acquiring an additional 1,933,000 shares in the last quarter.
Globalstar (NYSEAMERICAN:GSAT) last posted its quarterly earnings results on Thursday, November 1st. The Wireless communications provider reported ($0.02) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02). The business had revenue of $35.69 million during the quarter.
Separately, TheStreet upgraded shares of Globalstar from a “d+” rating to a “c-” rating in a report on Thursday, January 3rd.
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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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