Smithwood Advisers adds Globalstar (GSAT) to its portfolio

Globalstar (GSAT) : Smithwood Advisers added new position in Globalstar during the most recent quarter end. The investment management firm now holds 300,000 shares of Globalstar which is valued at $342,000 , the company said in a statement filed on Aug 15, 2016 with the SEC.Globalstar makes up approximately 0.15% of Smithwood Advisers’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. Bronfman E.l. Rothschild sold out all of its stake in GSAT during the most recent quarter. The investment firm sold 30 shares of GSAT which is valued $34.Credit Suisse Ag boosted its stake in GSAT in the latest quarter, The investment management firm added 676,190 additional shares and now holds a total of 879,648 shares of Globalstar which is valued at $1,002,799.Beck Mack Oliver boosted its stake in GSAT in the latest quarter, The investment management firm added 329,000 additional shares and now holds a total of 20,984,940 shares of Globalstar which is valued at $24,972,079. Globalstar makes up approx 0.86% of Beck Mack Oliver’s portfolio.

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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