Globalstar (NYSE:GSAT) Reaches New 12-Month Low – Here’s Why

Shares of Globalstar, Inc. (NYSE:GSAT) hit a new 52-week low on Thursday . The stock traded as low as $1.01 and last traded at $1.02, with a volume of 4114318 shares trading hands. The stock had previously closed at $1.06.

Globalstar Stock Down 0.9 %

The company has a 50 day moving average price of $1.19 and a 200-day moving average price of $1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. The stock has a market capitalization of $2.00 billion, a PE ratio of -52.25 and a beta of 0.85.

Globalstar (NYSE:GSAT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) 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 firm had revenue of $60.39 million during the quarter, compared to analyst estimates of $57.49 million. As a group, analysts forecast that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Globalstar

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. PFG Investments LLC lifted its position in shares of Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after purchasing an additional 10,000 shares in the last quarter. Empowered Funds LLC purchased a new stake in Globalstar in the 1st quarter worth approximately $26,000. Grant Street Asset Management Inc. acquired a new stake in shares of Globalstar in the first quarter worth about $29,000. XTX Topco Ltd acquired a new position in shares of Globalstar during the second quarter worth approximately $31,000. Finally, Second Line Capital LLC bought a new position in shares of Globalstar during the 1st quarter worth about $34,000. Hedge funds and other 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.