Globalstar (NYSE:GSAT) Shares Gap Down to $1.33

Globalstar, Inc. (NYSE:GSAT) shares gapped down prior to trading on Friday . The stock had previously closed at $1.33, but opened at $1.30. Globalstar shares last traded at $1.28, with a volume of 1,285,052 shares changing hands.

Globalstar Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00. The firm has a market capitalization of $2.40 billion, a P/E ratio of -63.25 and a beta of 0.90. The stock has a fifty day moving average price of $1.12 and a two-hundred day moving average price of $1.19.

Globalstar (NYSE:GSAT) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. The business had revenue of $56.48 million during the quarter, compared to the consensus estimate of $52.92 million. Research analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Globalstar news, Director James Monroe III purchased 4,510,855 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the purchase, the director now owns 8,708,254 shares in the company, valued at approximately $9,230,749.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 61.00% of the stock is owned by company insiders.

Institutional Trading of Globalstar

Several institutional investors have recently modified their holdings of GSAT. Ashford Capital Management Inc. lifted its holdings 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 buying an additional 6,602,454 shares during the period. Anson Funds Management LP lifted its holdings in shares of Globalstar by 38.8% during the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock valued at $15,928,000 after purchasing an additional 3,028,923 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Globalstar by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock valued at $139,175,000 after purchasing an additional 2,547,398 shares during the last quarter. Wolf Hill Capital Management LP purchased a new stake in shares of Globalstar during the fourth quarter valued at $4,324,000. Finally, Locust Wood Capital Advisers LLC purchased a new stake in shares of Globalstar during the fourth quarter valued at $2,769,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.