Murchinson Ltd. Sells 377,000 Shares of Globalstar, Inc. (NYSE:GSAT)

Murchinson Ltd. decreased its stake in shares of Globalstar, Inc. (NYSE:GSAT) by 37.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm 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 filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Inspire Investing LLC grew its holdings in Globalstar by 28.2% in the 2nd quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock valued at $357,000 after buying an additional 70,179 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Globalstar in the second quarter valued at about $31,000. Renaissance Technologies LLC grew its stake in shares of Globalstar by 12.9% in the second quarter. Renaissance Technologies LLC now owns 176,629 shares of the company’s stock valued at $198,000 after acquiring an additional 20,200 shares in the last quarter. PFG Investments LLC increased its position in 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 acquiring an additional 10,000 shares during the period. Finally, Magnus Financial Group LLC raised its stake in Globalstar by 1.9% in the 2nd quarter. Magnus Financial Group LLC now owns 2,707,796 shares of the company’s stock worth $3,033,000 after purchasing an additional 50,000 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Performance

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

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

Insider Activity

In related news, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Timothy Evan Taylor sold 395,000 shares of the 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 sale, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Monroe III acquired 4,510,855 shares of the stock in a transaction on Friday, June 28th. The shares were purchased 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 disclosure for this purchase can be found here. Corporate insiders own 61.00% 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.