New Generation Advisors buys $17.4 Million stake in Globalstar (GSAT)

Globalstar (GSAT) : New Generation Advisors scooped up 669,118 additional shares in Globalstar during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 7,088,601 shares of Globalstar which is valued at $17.4 Million.Globalstar makes up approximately 10.86% of New Generation Advisors’s portfolio.

Other Hedge Funds, Including , Blackrock Group Ltd boosted its stake in GSAT in the latest quarter, The investment management firm added 53,020 additional shares and now holds a total of 168,915 shares of Globalstar which is valued at $413,842.Geduld E E boosted its stake in GSAT in the latest quarter, The investment management firm added 25,000 additional shares and now holds a total of 75,000 shares of Globalstar which is valued at $183,750. Globalstar makes up approx 0.28% of Geduld E E’s portfolio. Harfst Associates sold out all of its stake in GSAT during the most recent quarter. The investment firm sold 1,710 shares of GSAT which is valued $3,010.

Globalstar opened for trading at $2.6 and hit $2.67 on the upside on Friday, eventually ending the session at $2.62, with a gain of 1.16% or 0.03 points. The heightened volatility saw the trading volume jump to 23,87,228 shares. Company has a market cap of $2,386,726 M.

On the company’s financial health, Globalstar reported $-0.03 EPS for the quarter, based on the information available during the earnings call on May 5, 2016. Analyst had a consensus estimate of $-0.03. The company had revenue of $21.80 million for the quarter, compared to analysts expectations of $23.07 million. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.13 EPS.

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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