Wingspan Investment Management Lp buys $12,578,326 stake in Globalstar (GSAT)

Globalstar (GSAT) : Wingspan Investment Management Lp scooped up 8,763,519 additional shares in Globalstar during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 11,033,619 shares of Globalstar which is valued at $12,578,326.Globalstar makes up approximately 8.89% of Wingspan Investment Management Lp’s portfolio.

Other Hedge Funds, Including , A.r.t. Advisors added GSAT to its portfolio by purchasing 427,299 company shares during the most recent quarter which is valued at $487,121. Globalstar makes up approx 0.02% of A.r.t. Advisors’s portfolio.Blackrock Investment Management reduced its stake in GSAT by selling 377,621 shares or 20.71% in the most recent quarter. The Hedge Fund company now holds 1,445,813 shares of GSAT which is valued at $1,648,227. Oxford Asset Management added GSAT to its portfolio by purchasing 470,237 company shares during the most recent quarter which is valued at $550,177. Globalstar makes up approx 0.02% of Oxford Asset Management’s portfolio.Brighton Jones reduced its stake in GSAT by selling 237 shares or 2.28% in the most recent quarter. The Hedge Fund company now holds 10,143 shares of GSAT which is valued at $11,969.Spot Trading L.l.c reduced its stake in GSAT by selling 250 shares or 30.08% in the most recent quarter. The Hedge Fund company now holds 581 shares of GSAT which is valued at $686.

Globalstar closed down -0.14 points or -8.97% at $1.42 with 68,39,527 shares getting traded on Thursday. Post opening the session at $1.52, the shares hit an intraday low of $1.42 and an intraday high of $1.73 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Globalstar reported $0.01 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.02. The company had revenue of $25.09 million for the quarter, compared to analysts expectations of $24.26 million. The company’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Many Wall Street Analysts have commented on Globalstar. Globalstar was Downgraded by Chardan Capital Markets to ” Neutral” on Jun 13, 2016.

Globalstar Inc. provides mobile satellite services including voice and data communications services globally via 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. It provides various communications services via satellite which include two-way voice communication and data transmissions (Duplex) using mobile or fixed devices and one-way data transmissions (Simplex) using a mobile or fixed device that transmits its location and other information to a central monitoring station which includes certain SPOT and Simplex products. It offers voice and data communication services over its network of in-orbit satellites and its active ground stations (gateways). It also offers hardware and software designs to develop specific applications operating over its network.

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