Globalstar (NYSE:GSAT) Shares Down 0.8% – What’s Next?

Shares of Globalstar, Inc. (NYSE:GSAT) dropped 0.8% on Thursday . The company traded as low as $1.17 and last traded at $1.20. Approximately 2,452,598 shares traded hands during trading, a decline of 53% from the average daily volume of 5,177,898 shares. The stock had previously closed at $1.21.

Globalstar Trading Down 0.8 %

The stock has a 50 day moving average of $1.20 and a 200-day moving average of $1.23. The company has a market capitalization of $2.28 billion, a P/E ratio of -60.00 and a beta of 0.85. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 0.94.

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

Insider Buying and Selling

In related news, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction that occurred 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 directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Rebecca Clary sold 75,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 1,418,745 shares in the company, valued at $1,773,431.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the sale, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently bought and sold shares of the business. Plustick Management LLC grew its position in Globalstar by 4.7% in the fourth quarter. Plustick Management LLC now owns 9,949,000 shares of the company’s stock worth $19,301,000 after acquiring an additional 450,000 shares in the last quarter. Abel Hall LLC purchased a new position in shares of Globalstar in the 4th quarter worth approximately $26,000. Vanguard Group Inc. increased its position 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 valued at $139,175,000 after purchasing an additional 2,547,398 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in Globalstar by 264.6% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 560,888 shares of the company’s stock valued at $1,088,000 after buying an additional 407,058 shares during the period. Finally, HighPoint Advisor Group LLC bought a new stake in Globalstar in the fourth quarter worth $112,000. 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.