Steelhead Partners LLC Increased Globalstar INC (NYSEMKT:GSAT) by $3.46 Million as Shares Rose

Michael Johnston increased its stake in Globalstar Inc (NYSEMKT:GSAT) by 11.87% based on its latest 2016Q1 regulatory filing with the SEC. Steelhead Partners Llc bought 3.46 million shares as the company’s stock rose 8.09% with the market. The hedge fund run by Michael Johnston held 32.58M shares of the consumer services company at the end of 2016Q1, valued at $47.89M, up from 29.12 million at the end of the previous reported quarter. Steelhead Partners Llc who had been investing in Globalstar Inc for a number of months, seems to be bullish on the $1.22B market cap company. The stock increased 5.41% or $0.06 during the last trading session, hitting $1.17. About 28.73M shares traded hands or 448.28% up from the average. Globalstar, Inc. (NYSEMKT:GSAT) has declined 42.65% since November 10, 2015 and is downtrending. It has underperformed by 42.31% the S&P500.

Steelhead Partners Llc, which manages about $1.95B and $1.02B US Long portfolio, decreased its stake in Webmd Health Corp (Prn) by 17.50 million shares to 18.81M shares, valued at $21.52 million in 2016Q1, according to the filing. It also reduced its holding in Servicenow Inc (Prn) by 3.05 million shares in the quarter, leaving it with 36.59M shares, and cut its stake in Ares Cap Corp (Prn). Read more here

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