Globalstar (NYSE:GSAT) Sets New 12-Month Low – Here’s Why

Globalstar, Inc. (NYSE:GSAT)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $1.01 and last traded at $1.02, with a volume of 4114318 shares. The stock had previously closed at $1.06.

Globalstar Trading Down 1.4 %

The company has a market cap of $1.99 billion, a price-to-earnings ratio of -51.25 and a beta of 0.85. The company’s fifty day moving average price is $1.19 and its two-hundred day moving average price is $1.22. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94.

Globalstar (NYSE:GSAT) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. Research analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the sale, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently modified their holdings of the business. PFG Investments LLC raised its position in Globalstar by 83.3% in the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after purchasing an additional 10,000 shares during the period. Empowered Funds LLC purchased a new position in Globalstar during the first quarter worth about $26,000. Grant Street Asset Management Inc. acquired a new stake in Globalstar during the 1st quarter valued at $29,000. XTX Topco Ltd acquired a new position in Globalstar in the second quarter worth about $31,000. Finally, Second Line Capital LLC bought a new position in shares of Globalstar in the 1st quarter worth about $34,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.