Globalstar (NYSE:GSAT) Stock Price Down 5.8% – Here’s What Happened

Globalstar, Inc. (NYSE:GSAT)’s stock price fell 5.8% during trading on Monday . The stock traded as low as $1.13 and last traded at $1.13. 3,048,830 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 4,033,073 shares. The stock had previously closed at $1.20.

Globalstar Price Performance

The firm has a 50 day simple moving average of $1.20. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of -56.00 and a beta of 0.85. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04.

Globalstar (NYSE:GSAT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $60.39 million during the quarter, compared to the consensus estimate of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. As a group, analysts forecast that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of Globalstar stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the sale, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Globalstar by 2.1% in the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after acquiring an additional 1,494,552 shares during the last quarter. Anson Funds Management LP lifted its position in Globalstar by 38.8% in the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock valued at $15,928,000 after acquiring an additional 3,028,923 shares during the last quarter. Ashford Capital Management Inc. lifted its position in Globalstar by 1,551.7% in the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after acquiring an additional 6,602,454 shares during the last quarter. Wolf Hill Capital Management LP lifted its position in Globalstar by 57.3% in the first quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock valued at $5,153,000 after acquiring an additional 1,276,866 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Globalstar by 12.4% in the second quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock valued at $3,126,000 after acquiring an additional 307,357 shares during the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Company Profile

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.