Steelhead Partners Lowers stake in Globalstar (GSAT)

Globalstar (GSAT) : Steelhead Partners reduced its stake in Globalstar by 1.7% during the most recent quarter end. The investment management company now holds a total of 26,764,476 shares of Globalstar which is valued at $23,017,449 after selling 461,631 shares in Globalstar , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Globalstar makes up approximately 36.69% of Steelhead Partners’s portfolio.

Other Hedge Funds, Including , Black Maple Capital Management Lp boosted its stake in GSAT in the latest quarter, The investment management firm added 55,000 additional shares and now holds a total of 739,916 shares of Globalstar which is valued at $639,287. Globalstar makes up approx 2.73% of Black Maple Capital Management Lp’s portfolio.Aperio Group reduced its stake in GSAT by selling 20,630 shares or 36.11% in the most recent quarter. The Hedge Fund company now holds 36,495 shares of GSAT which is valued at $32,079. Lmr Partners Llp sold out all of its stake in GSAT during the most recent quarter. The investment firm sold 95,363 shares of GSAT which is valued $83,824.

Globalstar closed down -0.0254 points or -2.93% at $0.8405 with 32,74,453 shares getting traded on Monday. Post opening the session at $0.86, the shares hit an intraday low of $0.8241 and an intraday high of $0.88 and the price fluctuated in this range throughout the day.Shares ended Monday 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.

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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