Globalstar (NYSE:GSAT) Trading Down 3.9%

Globalstar, Inc. (NYSE:GSAT)’s stock price traded down 3.9% on Wednesday . The stock traded as low as $1.21 and last traded at $1.22. 484,484 shares were traded during trading, a decline of 88% from the average session volume of 4,071,680 shares. The stock had previously closed at $1.27.

Globalstar Stock Performance

The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94. The firm’s fifty day moving average price is $1.28 and its 200-day moving average price is $1.20. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -63.50 and a beta of 0.86.

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

Insider Activity

In other Globalstar news, Director James Monroe III bought 4,510,855 shares of Globalstar stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the acquisition, the director now owns 8,708,254 shares of the company’s stock, valued at $9,230,749.24. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director James Monroe III acquired 4,510,855 shares of the company’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the purchase, the director now owns 8,708,254 shares of the company’s stock, valued at approximately $9,230,749.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. 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

A number of hedge funds and other institutional investors have recently bought and sold shares of GSAT. Vanguard Group Inc. boosted its stake in shares of Globalstar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after acquiring an additional 2,547,398 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Globalstar by 8.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Globalstar by 154.9% in the second quarter. CIBC Asset Management Inc now owns 53,535 shares of the company’s stock valued at $60,000 after buying an additional 32,535 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Globalstar by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock worth $10,954,000 after buying an additional 213,489 shares during the last quarter. Finally, Wolf Hill Capital Management LP acquired a new position in shares of Globalstar during the 4th quarter worth $4,324,000. Institutional investors and hedge funds 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.