Globalstar (NYSE:GSAT) Trading Down 5.8% – Time to Sell?

by · The Markets Daily

Globalstar, Inc. (NYSE:GSAT – Get Free Report)’s stock price dropped 5.8% during mid-day trading on Monday . The company traded as low as $1.13 and last traded at $1.13. Approximately 3,048,830 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 4,033,073 shares. The stock had previously closed at $1.20.

Globalstar Stock Performance

The firm has a market cap of $2.13 billion, a PE ratio of -56.00 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. The stock’s 50 day simple moving average is $1.20.

Globalstar (NYSE:GSAT – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $60.39 million during 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, sell-side analysts predict that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Activity

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 transaction of $93,750.00. Following the transaction, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 transaction of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were 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 in the company, valued at $1,773,431.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 61.00% of the company’s stock.

Institutional Trading of Globalstar

A number of institutional investors have recently added to or reduced their stakes in GSAT. Ashford Capital Management Inc. lifted its holdings in Globalstar by 1,551.7% during the 1st quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock worth $10,331,000 after purchasing an additional 6,602,454 shares in the last quarter. Anson Funds Management LP lifted its holdings in Globalstar by 38.8% during the 1st quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after purchasing an additional 3,028,923 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Globalstar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after purchasing an additional 2,547,398 shares in the last quarter. Wolf Hill Capital Management LP lifted its holdings in Globalstar by 57.3% during the 1st quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock worth $5,153,000 after purchasing an additional 1,276,866 shares in the last quarter. Finally, Murchinson Ltd. purchased a new stake in Globalstar during the 1st quarter worth about $1,470,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

About Globalstar

(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.

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