Globalstar (NYSE:GSAT) Stock Price Down 2.7%

Shares of Globalstar, Inc. (NYSE:GSATGet Free Report) dropped 2.7% during trading on Thursday . The company traded as low as $1.08 and last traded at $1.08. Approximately 1,490,878 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 3,088,069 shares. The stock had previously closed at $1.11.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Globalstar from a “hold” rating to a “sell” rating in a research report on Thursday, February 29th.

Read Our Latest Stock Report on GSAT

Globalstar Stock Performance

The stock’s 50-day moving average price is $1.17 and its 200 day moving average price is $1.29. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.00 and a quick ratio of 0.90. The firm has a market cap of $2.05 billion, a P/E ratio of -54.00 and a beta of 0.82.

Globalstar (NYSE:GSATGet Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Globalstar had a negative net margin of 19.14% and a negative return on equity of 11.66%. The firm had revenue of $56.48 million for the quarter, compared to analyst estimates of $52.92 million. As a group, equities analysts predict that Globalstar, Inc. will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, Director James F. Lynch purchased 660,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were purchased at an average cost of $1.46 per share, with a total value of $963,600.00. Following the completion of the transaction, the director now owns 12,340,720 shares of the company’s stock, valued at approximately $18,017,451.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Globalstar by 2.1% in the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after acquiring an additional 1,494,552 shares in the last quarter. Anson Funds Management LP grew its stake in shares of Globalstar by 38.8% in the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock valued at $15,928,000 after acquiring an additional 3,028,923 shares in the last quarter. Plustick Management LLC grew its stake in shares of Globalstar by 4.7% in the fourth quarter. Plustick Management LLC now owns 9,949,000 shares of the company’s stock valued at $19,301,000 after acquiring an additional 450,000 shares in the last quarter. Ashford Capital Management Inc. grew its stake in shares of Globalstar by 1,551.7% in the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after acquiring an additional 6,602,454 shares in the last quarter. Finally, Legion Partners Asset Management LLC grew its stake in shares of Globalstar by 272.5% in the third quarter. Legion Partners Asset Management LLC now owns 6,835,000 shares of the company’s stock valued at $8,954,000 after acquiring an additional 5,000,000 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Globalstar Company Profile

(Get Free Report)

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.

Further Reading

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