Globalstar, Inc. (NYSE:GSAT) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Globalstar, Inc. (NYSE:GSAT) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 705,095 shares of the company’s stock after selling 40,185 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Globalstar were worth $1,368,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GSAT. Legion Partners Asset Management LLC boosted its holdings in Globalstar by 272.5% in the third quarter. Legion Partners Asset Management LLC now owns 6,835,000 shares of the company’s stock worth $8,954,000 after acquiring an additional 5,000,000 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Globalstar in the third quarter worth about $673,000. Ashford Capital Management Inc. purchased a new position in shares of Globalstar in the third quarter worth about $550,000. Vanguard Group Inc. raised its stake in shares of Globalstar by 0.6% in the third quarter. Vanguard Group Inc. now owns 69,192,134 shares of the company’s stock worth $90,642,000 after purchasing an additional 418,008 shares during the last quarter. Finally, Robertson Stephens Wealth Management LLC raised its stake in shares of Globalstar by 14.9% in the third quarter. Robertson Stephens Wealth Management LLC now owns 1,946,000 shares of the company’s stock worth $2,549,000 after purchasing an additional 253,000 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Stock Up 1.6 %

Shares of NYSE:GSAT opened at $1.27 on Monday. Globalstar, Inc. has a 52-week low of $0.85 and a 52-week high of $2.13. The stock has a market capitalization of $2.39 billion, a PE ratio of -127.00 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.73 and a current ratio of 0.81. The business has a 50-day moving average price of $1.35.

Globalstar (NYSE:GSAT) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.01) earnings per share for the quarter. The company had revenue of $52.41 million for the quarter, compared to analysts’ expectations of $53.06 million. Globalstar had a negative net margin of 14.61% and a negative return on equity of 6.43%. As a group, equities analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Globalstar from a “hold” rating to a “sell” rating in a research note on Thursday, February 29th.

Insider Activity at Globalstar

In related news, Director James F. Lynch purchased 660,000 shares of Globalstar stock in a transaction that occurred on Thursday, March 7th. The stock was bought at an average cost of $1.31 per share, for a total transaction of $864,600.00. Following the completion of the transaction, the director now owns 9,700,720 shares in the company, valued at $12,707,943.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders purchased 1,980,000 shares of company stock worth $2,765,400. 62.00% of the stock is owned by corporate insiders.

Globalstar 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.