Globalstar (NYSE:GSAT) Trading Down 1.4% – Here’s Why

Shares of Globalstar, Inc. (NYSE:GSAT) were down 1.4% during mid-day trading on Thursday . The stock traded as low as $1.03 and last traded at $1.06. Approximately 3,299,185 shares were traded during trading, an increase of 9% from the average daily volume of 3,014,860 shares. The stock had previously closed at $1.07.

Globalstar Stock Performance

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 company has a 50 day simple moving average of $1.15 and a 200-day simple moving average of $1.21. The stock has a market cap of $2.00 billion, a P/E ratio of -35.00 and a beta of 0.85.

Globalstar (NYSE:GSAT) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The firm had revenue of $60.39 million for the quarter, compared to the consensus estimate of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. On average, equities analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Globalstar

Institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its position in shares of Globalstar by 34.2% during the third quarter. Van ECK Associates Corp now owns 452,267 shares of the company’s stock worth $561,000 after acquiring an additional 115,359 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Globalstar by 13.9% in the third quarter. Harbor Capital Advisors Inc. now owns 489,755 shares of the company’s stock worth $607,000 after purchasing an additional 59,954 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Globalstar by 24.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 247,342 shares of the company’s stock worth $307,000 after purchasing an additional 48,566 shares during the last quarter. Procyon Advisors LLC purchased a new position in Globalstar in the third quarter worth $47,000. Finally, Inspire Investing LLC lifted its stake in shares of Globalstar by 4.7% during the third quarter. Inspire Investing LLC now owns 333,479 shares of the company’s stock worth $414,000 after buying an additional 14,862 shares during the period. 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.