Globalstar (NYSE:GSAT) Shares Gap Up to $1.18

Globalstar, Inc. (NYSE:GSAT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $1.18, but opened at $1.23. Globalstar shares last traded at $1.21, with a volume of 876,122 shares.

Globalstar Price Performance

The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -61.25 and a beta of 0.86. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The company has a 50 day moving average of $1.27 and a 200 day moving average of $1.21.

Globalstar (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The firm had revenue of $60.39 million during the quarter, compared to analysts’ expectations of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. As a group, equities research analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Monroe III bought 4,510,855 shares of Globalstar stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the acquisition, the director now owns 8,708,254 shares of the company’s stock, valued at $9,230,749.24. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Monroe III acquired 4,510,855 shares of Globalstar stock in a transaction on Friday, June 28th. The shares were bought at an average cost 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 $9,230,749.24. The disclosure for this purchase can be found here. 61.00% of the stock is owned by company insiders.

Institutional Trading of Globalstar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Globalstar by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock worth $107,654,000 after purchasing an additional 1,494,552 shares during the period. Anson Funds Management LP increased its position in Globalstar by 38.8% during the 1st quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after purchasing an additional 3,028,923 shares during the period. Plustick Management LLC grew its holdings in shares of Globalstar by 4.7% in the 4th quarter. Plustick Management LLC now owns 9,949,000 shares of the company’s stock worth $19,301,000 after acquiring an additional 450,000 shares during the period. Ashford Capital Management Inc. grew its holdings in shares of Globalstar by 1,551.7% in the 1st quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock worth $10,331,000 after acquiring an additional 6,602,454 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Globalstar by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock worth $10,954,000 after acquiring an additional 213,489 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.