Globalstar, Inc. (NYSEAMERICAN:GSAT) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 71,433,016 shares, a drop of 0.8% from the August 15th total of 72,000,229 shares. Currently, 12.3% of the company’s stock are short sold. Based on an average trading volume of 2,249,663 shares, the short-interest ratio is presently 31.8 days.

Shares of NYSEAMERICAN:GSAT opened at $0.51 on Thursday. Globalstar has a 1 year low of $0.40 and a 1 year high of $1.89.

Globalstar (NYSEAMERICAN:GSAT) last announced its quarterly earnings data on Thursday, August 2nd. The Wireless communications provider reported ($0.01) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The business had revenue of $33.73 million during the quarter. Globalstar had a return on equity of 145.71% and a net margin of 172.06%.

A number of institutional investors have recently bought and sold shares of the business. Jane Street Group LLC acquired a new position in Globalstar during the second quarter worth $264,000. Millennium Management LLC increased its position in Globalstar by 61.1% during the second quarter. Millennium Management LLC now owns 9,330,331 shares of the Wireless communications provider’s stock worth $4,571,000 after buying an additional 3,538,064 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in Globalstar during the second quarter worth $109,000. Alpine Global Management LLC increased its position in Globalstar by 80.2% during the second quarter. Alpine Global Management LLC now owns 1,801,871 shares of the Wireless communications provider’s stock worth $883,000 after buying an additional 801,871 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in Globalstar during the second quarter worth $1,357,000.

Several analysts recently issued reports on GSAT shares. Zacks Investment Research upgraded Globalstar from a “hold” rating to a “buy” rating and set a $0.50 price objective for the company in a report on Tuesday, June 12th. Chardan Capital lowered Globalstar from a “buy” rating to a “neutral” rating and set a $2.50 price objective for the company. in a report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $1.23.

About Globalstar

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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