Globalstar, Inc. (NYSE:GSAT) Stake Cut by Murchinson Ltd.

Murchinson Ltd. reduced its stake in shares of Globalstar, Inc. (NYSE:GSAT) by 37.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 623,000 shares of the company’s stock after selling 377,000 shares during the period. Murchinson Ltd.’s holdings in Globalstar were worth $698,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. PFG Investments LLC raised its holdings in shares of Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after purchasing an additional 10,000 shares in the last quarter. Abel Hall LLC bought a new position in Globalstar during the fourth quarter valued at about $26,000. Empowered Funds LLC acquired a new stake in shares of Globalstar in the first quarter worth about $26,000. Grant Street Asset Management Inc. bought a new stake in shares of Globalstar during the 1st quarter worth about $29,000. Finally, XTX Topco Ltd bought a new stake in shares of Globalstar during the 2nd quarter worth about $31,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Globalstar Stock Down 3.3 %

Shares of Globalstar stock opened at $1.19 on Tuesday. Globalstar, Inc. has a 12-month low of $1.01 and a 12-month high of $2.13. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The stock has a 50 day moving average price of $1.27 and a two-hundred day moving average price of $1.21. The stock has a market capitalization of $2.26 billion, a P/E ratio of -59.50 and a beta of 0.86.

Globalstar (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates 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. Equities analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other Globalstar news, Director James Monroe III acquired 4,510,855 shares of Globalstar stock in a transaction dated Friday, June 28th. The stock was bought at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the transaction, the director now owns 8,708,254 shares of the company’s stock, valued at $9,230,749.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director James Monroe III acquired 4,510,855 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

About Globalstar

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.