Mudrick Capital Management L.P. reduced its position in shares of Globalstar, Inc. (NYSEAMERICAN:GSAT) by 5.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,269,187 shares of the Wireless communications provider’s stock after selling 5,802,276 shares during the quarter. Globalstar accounts for approximately 11.4% of Mudrick Capital Management L.P.’s investment portfolio, making the stock its 3rd biggest holding. Mudrick Capital Management L.P. owned approximately 6.18% of Globalstar worth $33,728,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GSAT. Goldman Sachs Group Inc. boosted its position in Globalstar by 25.4% during the second quarter. Goldman Sachs Group Inc. now owns 923,847 shares of the Wireless communications provider’s stock worth $301,000 after purchasing an additional 187,054 shares during the period. California Public Employees Retirement System grew its stake in Globalstar by 53.3% in the 2nd quarter. California Public Employees Retirement System now owns 1,224,393 shares of the Wireless communications provider’s stock valued at $400,000 after buying an additional 425,879 shares during the last quarter. Swiss National Bank raised its holdings in Globalstar by 33.8% in the 2nd quarter. Swiss National Bank now owns 1,487,054 shares of the Wireless communications provider’s stock valued at $486,000 after acquiring an additional 375,300 shares during the period. WINTON GROUP Ltd raised its holdings in Globalstar by 98.1% in the 2nd quarter. WINTON GROUP Ltd now owns 2,438,821 shares of the Wireless communications provider’s stock valued at $797,000 after acquiring an additional 1,207,492 shares during the period. Finally, State Street Corp lifted its position in Globalstar by 10.0% during the first quarter. State Street Corp now owns 1,424,321 shares of the Wireless communications provider’s stock worth $420,000 after acquiring an additional 129,176 shares during the last quarter.
A number of research firms have recently weighed in on GSAT. Zacks Investment Research downgraded Globalstar from a “hold” rating to a “sell” rating in a report on Thursday, June 25th. Morgan Stanley lowered their price target on shares of Globalstar from $0.56 to $0.55 and set an “equal weight” rating on the stock in a research report on Monday, June 15th.
NYSEAMERICAN GSAT traded down $0.01 on Friday, hitting $0.31. 2,278,312 shares of the company’s stock were exchanged, compared to its average volume of 3,694,576. Globalstar, Inc. has a 52 week low of $0.23 and a 52 week high of $0.60.
Globalstar, Inc provides mobile satellite services, voice and data communications services through satellite worldwide. It offers communications services via satellite which includes: two-way voice communication and data transmissions using mobile or fixed devices; and one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station.
Further Reading: When can a hold rating present a buying opportunity?
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