Globalstar, Inc. (NYSEAMERICAN:GSAT) Shares Acquired by Swiss National Bank

Swiss National Bank increased its stake in shares of Globalstar, Inc. (NYSEAMERICAN:GSAT – Get Rating) by 1.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,739,454 shares of the Wireless communications provider’s stock after purchasing an additional 32,100 shares during the period. Swiss National Bank owned 0.10% of Globalstar worth $2,313,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GSAT. Thrivent Financial for Lutherans purchased a new stake in shares of Globalstar during the second quarter worth about $25,000. Janney Montgomery Scott LLC acquired a new position in Globalstar in the 3rd quarter valued at $27,000. Evergreen Capital Management LLC purchased a new position in shares of Globalstar during the 3rd quarter worth $29,000. Royal Bank of Canada boosted its holdings in shares of Globalstar by 623.4% during the third quarter. Royal Bank of Canada now owns 27,874 shares of the Wireless communications provider’s stock worth $44,000 after purchasing an additional 24,021 shares during the last quarter. Finally, Wayfinding Financial LLC grew its position in shares of Globalstar by 197.4% in the third quarter. Wayfinding Financial LLC now owns 35,560 shares of the Wireless communications provider’s stock valued at $56,000 after purchasing an additional 23,605 shares during the period. Hedge funds and other institutional investors own 18.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. StockNews.com assumed coverage on Globalstar in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Morgan Stanley raised shares of Globalstar from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $1.75 to $0.97 in a research report on Wednesday, May 3rd.

Insider Buying and Selling at Globalstar

In related news, CFO Rebecca Clary sold 100,000 shares of the company’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $1.17, for a total transaction of $117,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,774,707 shares of the company’s stock, valued at approximately $2,076,407.19. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Rebecca Clary sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $1.17, for a total transaction of $117,000.00. Following the transaction, the chief financial officer now directly owns 1,774,707 shares of the company’s stock, valued at approximately $2,076,407.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Monroe III purchased 3,000,000 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was bought at an average price of $0.97 per share, with a total value of $2,910,000.00. Following the acquisition, the director now owns 3,100,000 shares in the company, valued at $3,007,000. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,784,038 shares of company stock valued at $3,686,949 over the last ninety days. Corporate insiders own 62.20% of the company’s stock.

Globalstar Trading Down 6.8 %

Shares of Globalstar stock opened at $1.10 on Thursday. The firm has a fifty day moving average price of $1.16. Globalstar, Inc. has a twelve month low of $0.85 and a twelve month high of $2.98. The company has a quick ratio of 0.38, a current ratio of 0.45 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $1.98 billion, a PE ratio of -9.17 and a beta of 0.59.

Globalstar (NYSEAMERICAN:GSAT – Get Rating) last released its quarterly earnings data on Friday, May 5th. The Wireless communications provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. Globalstar had a negative return on equity of 84.76% and a negative net margin of 138.36%. The business had revenue of $58.64 million for the quarter, compared to analyst estimates of $48.29 million. As a group, sell-side analysts predict that Globalstar, Inc. will post -0.01 EPS for the current year.

Globalstar Profile

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Globalstar, Inc engages in the provision of mobile satellite services. It offers voice and data communications services to the following markets: recreation and personal, government, public safety and disaster relief, oil and gas, maritime and fishing, natural resources, mining, and forestry, construction, utilities, and transportation.