Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Buys $4,781,506.30 in Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III bought 4,510,855 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $1.06 per share, for a total transaction of $4,781,506.30. Following the completion of the transaction, the director now owns 8,708,254 shares in the company, valued at $9,230,749.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Globalstar Stock Up 1.9 %

Globalstar stock opened at $1.09 on Wednesday. Globalstar, Inc. has a fifty-two week low of $1.01 and a fifty-two week high of $2.13. The company has a market cap of $2.07 billion, a PE ratio of -54.50 and a beta of 0.90. 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 business’s 50-day simple moving average is $1.08 and its two-hundred day simple moving average is $1.21.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. American International Group Inc. raised its stake in shares of Globalstar by 2.5% during the 1st quarter. American International Group Inc. now owns 357,070 shares of the company’s stock valued at $525,000 after buying an additional 8,706 shares during the last quarter. Intellectus Partners LLC grew its holdings in Globalstar by 5.0% during the fourth quarter. Intellectus Partners LLC now owns 188,210 shares of the company’s stock worth $365,000 after acquiring an additional 9,000 shares during the period. FMR LLC raised its position in Globalstar by 0.3% during the third quarter. FMR LLC now owns 3,375,719 shares of the company’s stock valued at $4,422,000 after acquiring an additional 10,491 shares in the last quarter. Abel Hall LLC acquired a new position in Globalstar in the fourth quarter valued at approximately $26,000. Finally, ProShare Advisors LLC boosted its position in Globalstar by 12.2% in the 1st quarter. ProShare Advisors LLC now owns 130,174 shares of the company’s stock worth $191,000 after purchasing an additional 14,166 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.