Intellectus Partners LLC lowered its stake in Globalstar, Inc. (NYSEAMERICAN:GSAT) by 12.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 345,000 shares of the Wireless communications provider’s stock after selling 49,500 shares during the period. Intellectus Partners LLC’s holdings in Globalstar were worth $614,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in GSAT. Morgan Stanley boosted its stake in Globalstar by 2,588.1% during the 1st quarter. Morgan Stanley now owns 3,921,548 shares of the Wireless communications provider’s stock valued at $5,294,000 after purchasing an additional 3,775,660 shares during the period. New York State Common Retirement Fund acquired a new position in Globalstar during the 2nd quarter valued at about $926,000. Alliancebernstein L.P. acquired a new position in Globalstar during the 1st quarter valued at about $37,000. Dimensional Fund Advisors LP acquired a new position in Globalstar during the 1st quarter valued at about $98,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Globalstar by 327.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 23,384 shares of the Wireless communications provider’s stock valued at $42,000 after purchasing an additional 17,916 shares during the period. 17.06% of the stock is owned by institutional investors.
Globalstar stock traded down $0.01 during trading hours on Thursday, hitting $1.63. The company had a trading volume of 100,662 shares, compared to its average volume of 17,384,056. The firm has a market cap of $2.92 billion, a PE ratio of -32.00 and a beta of 0.10. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.99 and a current ratio of 1.19. Globalstar, Inc. has a fifty-two week low of $0.29 and a fifty-two week high of $2.98.
A number of research analysts have issued reports on GSAT shares. Zacks Investment Research lowered shares of Globalstar from a “hold” rating to a “sell” rating in a research note on Friday, October 8th. TheStreet upgraded shares of Globalstar from a “d+” rating to a “c-” rating in a report on Monday, August 30th. Finally, B. Riley started coverage on shares of Globalstar in a report on Monday, June 21st. They issued a “buy” rating on the stock.
Globalstar, Inc engages in the provision of mobile satellite services. It offers voice and data communications services to following markets: recreation and personal; government; public safety and disaster relief; oil and gas; maritime and fishing; natural resources, mining, and forestry; construction; utilities; and transportation.
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