Raymond James Financial Services Advisors Inc. Sells 9,486 Shares of Globalstar, Inc. (NYSE:GSAT)

Raymond James Financial Services Advisors Inc. trimmed its position in shares of Globalstar, Inc. (NYSE:GSAT) by 33.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,546 shares of the company’s stock after selling 9,486 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Globalstar were worth $36,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Private Advisor Group LLC purchased a new position in Globalstar during the 3rd quarter valued at about $25,000. Jump Financial LLC bought a new stake in shares of Globalstar in the 3rd quarter worth approximately $39,000. Evergreen Capital Management LLC purchased a new position in shares of Globalstar during the third quarter valued at approximately $53,000. EP Wealth Advisors LLC increased its stake in shares of Globalstar by 141.3% during the third quarter. EP Wealth Advisors LLC now owns 40,550 shares of the company’s stock valued at $53,000 after buying an additional 23,748 shares during the period. Finally, Stratos Wealth Advisors LLC bought a new position in shares of Globalstar during the third quarter valued at approximately $79,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Globalstar

In other news, Director James F. Lynch acquired 660,000 shares of the stock in a transaction on Monday, March 11th. The stock was acquired at an average price of $1.42 per share, with a total value of $937,200.00. Following the completion of the transaction, the director now owns 11,020,720 shares of the company’s stock, valued at approximately $15,649,422.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have bought 1,980,000 shares of company stock worth $2,765,400 over the last ninety days. 62.00% of the stock is owned by corporate insiders.

Globalstar Trading Down 0.8 %

Shares of GSAT opened at $1.29 on Friday. Globalstar, Inc. has a 1-year low of $0.85 and a 1-year high of $2.13. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -129.00 and a beta of 0.84. The firm’s 50-day moving average price is $1.33 and its 200-day moving average price is $1.48. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 0.86.

Globalstar (NYSE:GSAT) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.01) earnings per share for the quarter. Globalstar had a negative net margin of 14.61% and a negative return on equity of 6.43%. The firm had revenue of $52.41 million for the quarter, compared to the consensus estimate of $53.06 million. Sell-side analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current year.

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.