HighPoint Advisor Group LLC Purchases New Shares in Globalstar, Inc. (NYSE:GSAT)

HighPoint Advisor Group LLC acquired a new position in Globalstar, Inc. (NYSE:GSAT) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 57,700 shares of the company’s stock, valued at approximately $112,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legion Partners Asset Management LLC lifted its stake in shares of Globalstar by 272.5% in the third quarter. Legion Partners Asset Management LLC now owns 6,835,000 shares of the company’s stock worth $8,954,000 after acquiring an additional 5,000,000 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Globalstar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock valued at $139,175,000 after purchasing an additional 2,547,398 shares in the last quarter. Wolf Hill Capital Management LP purchased a new position in shares of Globalstar during the 4th quarter valued at approximately $4,324,000. Locust Wood Capital Advisers LLC acquired a new stake in shares of Globalstar during the fourth quarter worth approximately $2,769,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Globalstar in the third quarter worth $673,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Stock Down 3.7 %

NYSE:GSAT opened at $1.04 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of -52.00 and a beta of 0.82. Globalstar, Inc. has a one year low of $0.96 and a one year high of $2.13. The stock has a 50-day simple moving average of $1.10 and a 200 day simple moving average of $1.24.

Globalstar (NYSE:GSAT) last issued its earnings results on Wednesday, May 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $56.48 million during the quarter, compared to analyst estimates of $52.92 million. Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. Sell-side analysts predict that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Globalstar from a “hold” rating to a “sell” rating in a research note on Thursday, February 29th.

Globalstar 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.