SG Americas Securities LLC Purchases 50,368 Shares of Globalstar, Inc. (NYSEAMERICAN:GSAT)

SG Americas Securities LLC lifted its position in shares of Globalstar, Inc. (NYSEAMERICAN:GSATGet Rating) by 229.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 72,292 shares of the Wireless communications provider’s stock after acquiring an additional 50,368 shares during the quarter. SG Americas Securities LLC’s holdings in Globalstar were worth $89,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Hohimer Wealth Management LLC bought a new stake in shares of Globalstar during the second quarter worth $615,000. CWA Asset Management Group LLC bought a new stake in Globalstar in the second quarter valued at about $27,000. HighMark Wealth Management LLC increased its holdings in Globalstar by 4.8% in the second quarter. HighMark Wealth Management LLC now owns 176,000 shares of the Wireless communications provider’s stock valued at $216,000 after purchasing an additional 8,000 shares during the last quarter. Lake Street Financial LLC increased its holdings in Globalstar by 12.1% in the second quarter. Lake Street Financial LLC now owns 83,958 shares of the Wireless communications provider’s stock valued at $103,000 after purchasing an additional 9,081 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Globalstar by 44.1% in the first quarter. Goldman Sachs Group Inc. now owns 7,936,978 shares of the Wireless communications provider’s stock valued at $11,667,000 after purchasing an additional 2,428,781 shares during the last quarter. Institutional investors own 18.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Craig Hallum assumed coverage on Globalstar in a research note on Monday, October 31st. They issued a “buy” rating and a $5.00 target price for the company. B. Riley boosted their target price on Globalstar from $3.25 to $3.75 in a research note on Monday, November 7th.

Globalstar Price Performance

GSAT stock opened at $2.02 on Thursday. The company has a quick ratio of 0.38, a current ratio of 0.50 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $3.64 billion, a PE ratio of -40.40 and a beta of 0.41. The stock’s 50-day moving average price is $1.66. Globalstar, Inc. has a fifty-two week low of $0.90 and a fifty-two week high of $2.98.

Globalstar (NYSEAMERICAN:GSATGet Rating) last issued its quarterly earnings results on Thursday, November 3rd. The Wireless communications provider reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.10). Globalstar had a negative net margin of 74.68% and a negative return on equity of 28.57%. The company had revenue of $37.63 million for the quarter, compared to analyst estimates of $31.78 million. Equities analysts expect that Globalstar, Inc. will post -0.05 EPS for the current year.

Insider Buying and Selling at Globalstar

In other Globalstar news, Director Timothy Evan Taylor sold 1,600,000 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $1.99, for a total value of $3,184,000.00. Following the sale, the director now owns 15,900,000 shares in the company, valued at $31,641,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Timothy Evan Taylor sold 1,600,000 shares of the stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $1.99, for a total transaction of $3,184,000.00. Following the transaction, the director now owns 15,900,000 shares in the company, valued at $31,641,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel L Barbee Iv Ponder bought 15,500 shares of the stock in a transaction dated Friday, September 9th. The shares were purchased at an average price of $1.78 per share, for a total transaction of $27,590.00. Following the purchase, the general counsel now owns 1,612,418 shares of the company’s stock, valued at approximately $2,870,104.04. The disclosure for this purchase can be found here. Insiders have acquired 247,500 shares of company stock worth $438,310 over the last 90 days. Company insiders own 62.20% of the company’s stock.

About Globalstar

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Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.

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Institutional Ownership by Quarter for Globalstar (NYSEAMERICAN:GSAT)

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