Murchinson Ltd. Acquires 245,999 Shares of Globalstar, Inc. (NYSE:GSAT)

Murchinson Ltd. raised its holdings in Globalstar, Inc. (NYSE:GSAT) by 24.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,245,999 shares of the company’s stock after purchasing an additional 245,999 shares during the quarter. Murchinson Ltd.’s holdings in Globalstar were worth $1,396,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of GSAT. Wolf Hill Capital Management LP bought a new position in Globalstar in the 4th quarter valued at $4,324,000. Plustick Management LLC raised its position in Globalstar by 4.7% in the 4th quarter. Plustick Management LLC now owns 9,949,000 shares of the company’s stock valued at $19,301,000 after purchasing an additional 450,000 shares during the last quarter. Abel Hall LLC bought a new position in Globalstar in the 4th quarter valued at $26,000. Vanguard Group Inc. raised its position in shares of Globalstar by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after acquiring an additional 2,547,398 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Globalstar by 264.6% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 560,888 shares of the company’s stock worth $1,088,000 after acquiring an additional 407,058 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Trading Up 2.5 %

GSAT stock opened at $1.23 on Friday. The company has a market cap of $2.34 billion, a P/E ratio of -61.50 and a beta of 0.86. Globalstar, Inc. has a twelve month low of $1.01 and a twelve month high of $2.13. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The business has a fifty day moving average of $1.24 and a 200-day moving average of $1.22.

Globalstar (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $60.39 million during the quarter, compared to the consensus estimate 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 expect that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Transactions at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction 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 owns 10,278,649 shares in the company, valued at $12,539,951.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, 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 value of $93,750.00. Following the completion of the sale, the chief financial officer now owns 1,418,745 shares in the company, valued at $1,773,431.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction dated 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 sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at approximately $12,539,951.78. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by corporate insiders.

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.