Globalstar, Inc. (NYSE:GSAT) Director James Monroe III Acquires 4,510,855 Shares

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III bought 4,510,855 shares of the stock in a transaction on Friday, June 28th. The stock was acquired at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the acquisition, the director now owns 8,708,254 shares of the company’s stock, valued at approximately $9,230,749.24. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Globalstar Stock Performance

Shares of GSAT stock opened at $1.09 on Wednesday. The firm has a 50 day moving average of $1.08 and a 200-day moving average of $1.21. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -54.50 and a beta of 0.90. The company has a quick ratio of 0.90, a current ratio of 1.00 and a debt-to-equity ratio of 0.97. Globalstar, Inc. has a 52 week low of $1.01 and a 52 week high of $2.13.

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

Institutional Investors Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Globalstar by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,432,979 shares of the company’s stock worth $7,117,000 after purchasing an additional 157,706 shares in the last quarter. Deutsche Bank AG raised its holdings in Globalstar by 14.1% during the third quarter. Deutsche Bank AG now owns 382,670 shares of the company’s stock worth $501,000 after buying an additional 47,216 shares during the last quarter. FMR LLC lifted its stake in shares of Globalstar by 0.3% in the third quarter. FMR LLC now owns 3,375,719 shares of the company’s stock valued at $4,422,000 after buying an additional 10,491 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Globalstar during the third quarter valued at about $673,000. Finally, Evergreen Capital Management LLC bought a new stake in shares of Globalstar during the third quarter worth about $53,000. 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.