Globalstar (NYSE:GSAT) Sees Strong Trading Volume – Here’s What Happened

Globalstar, Inc. (NYSE:GSAT) shares saw an uptick in trading volume on Friday . 79,678,308 shares changed hands during trading, an increase of 1,719% from the previous session’s volume of 4,380,409 shares.The stock last traded at $1.25 and had previously closed at $1.05.

Globalstar Price Performance

The company’s 50 day simple moving average is $1.15 and its 200 day simple moving average is $1.21. The stock has a market cap of $2.64 billion, a P/E ratio of -46.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Globalstar by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after buying an additional 1,494,552 shares in the last quarter. Anson Funds Management LP raised its holdings in Globalstar by 38.8% during the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after acquiring an additional 3,028,923 shares in the last quarter. Ashford Capital Management Inc. boosted its position in Globalstar by 1,551.7% during the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after purchasing an additional 6,602,454 shares during the last quarter. Wolf Hill Capital Management LP grew its stake 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 purchasing an additional 1,276,866 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after purchasing an additional 307,357 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

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.