Investment Firm Sells 207,500 Shares of STM

A Connecticut investment group lowered its stake in STM Wireless Inc. to 8.1% from 11%, according to a document filed Tuesday with the U.S. Securities and Exchange Commission.

Pequot Capital Management Inc., based in Westport, sold 207,500 shares in the Irvine maker of satellite communications networks, though it didn’t say when the shares were sold or how much it got from the sale.

Pequot now holds about 570,000 shares, down from about 779,000 in April.

Last week, STM stock shot up $3.50 a share, or 72%, to its 52-week high of $8.38 after it announced that it had received a $5.5-million order for its high-speed networking products from JiTong, a Chinese public data network service provider.

On Tuesday, shares fell $1 to $6.75, but the stock still is up 42% this year.