Legion Partners Asset Management LLC Trims Stake in Globalstar, Inc. (NYSE:GSAT)

Legion Partners Asset Management LLC cut its position in shares of Globalstar, Inc. (NYSE:GSAT) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,420,100 shares of the company’s stock after selling 24,900 shares during the period. Globalstar makes up 1.9% of Legion Partners Asset Management LLC’s portfolio, making the stock its 11th largest holding. Legion Partners Asset Management LLC owned about 0.29% of Globalstar worth $6,071,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Globalstar by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock valued at $10,954,000 after acquiring an additional 213,489 shares during the period. Wolf Hill Capital Management LP purchased a new stake in shares of Globalstar during the fourth quarter valued at $4,324,000. Plustick Management LLC grew its holdings in shares of Globalstar by 4.7% in the fourth quarter. Plustick Management LLC now owns 9,949,000 shares of the company’s stock worth $19,301,000 after purchasing an additional 450,000 shares during the last quarter. Abel Hall LLC purchased a new position in Globalstar in the 4th quarter worth about $26,000. Finally, Vanguard Group Inc. lifted its holdings in Globalstar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock valued at $139,175,000 after buying an additional 2,547,398 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the transaction, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total transaction of $93,750.00. Following the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction on Wednesday, September 11th. The shares were 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 $12,539,951.78. The disclosure for this sale can be found here. Insiders own 61.00% of the company’s stock.

Globalstar Price Performance

Globalstar stock opened at $1.20 on Friday. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -60.00 and a beta of 0.86. The firm has a 50-day moving average of $1.25 and a two-hundred day moving average of $1.21. Globalstar, Inc. has a 1 year low of $1.01 and a 1 year high of $2.13. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95.

Globalstar (NYSE:GSAT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $60.39 million for 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%. On average, research analysts forecast that Globalstar, Inc. will post -0.02 earnings per share for the current year.

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.