State Board of Administration of Florida Retirement System decreased its stake in Globalstar, Inc. (NYSEAMERICAN:GSAT – Get Rating) by 7.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 249,410 shares of the Wireless communications provider’s stock after selling 21,530 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Globalstar were worth $332,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of GSAT. Janney Montgomery Scott LLC acquired a new stake in shares of Globalstar during the 3rd quarter worth approximately $27,000. Wayfinding Financial LLC boosted its stake in Globalstar by 197.4% during the third quarter. Wayfinding Financial LLC now owns 35,560 shares of the Wireless communications provider’s stock worth $56,000 after buying an additional 23,605 shares in the last quarter. EMG Holdings L.P. bought a new stake in Globalstar in the 3rd quarter valued at $5,168,000. Plustick Management LLC raised its stake in shares of Globalstar by 2.6% in the 3rd quarter. Plustick Management LLC now owns 10,050,000 shares of the Wireless communications provider’s stock valued at $15,980,000 after buying an additional 250,000 shares in the last quarter. Finally, HighMark Wealth Management LLC lifted its holdings in shares of Globalstar by 6.8% during the 4th quarter. HighMark Wealth Management LLC now owns 156,000 shares of the Wireless communications provider’s stock worth $207,000 after acquiring an additional 10,000 shares during the period. Institutional investors own 18.13% of the company’s stock.
Insider Transactions at Globalstar
In other Globalstar news, CFO Rebecca Clary sold 100,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $1.17, for a total value of $117,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,774,707 shares of the company’s stock, valued at $2,076,407.19. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $1.06, for a total value of $418,700.00. Following the completion of the sale, the director now directly owns 12,648,649 shares in the company, valued at $13,407,567.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rebecca Clary sold 100,000 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $1.17, for a total transaction of $117,000.00. Following the transaction, the chief financial officer now owns 1,774,707 shares in the company, valued at $2,076,407.19. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 3,784,038 shares of company stock worth $3,686,949. Insiders own 62.20% of the company’s stock.
Wall Street Analyst Weigh In
Globalstar Stock Down 1.8 %
GSAT opened at $1.08 on Friday. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -9.00 and a beta of 0.59. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.38 and a current ratio of 0.45. The firm’s 50-day simple moving average is $1.16 and its 200-day simple moving average is $1.58. Globalstar, Inc. has a twelve month low of $0.85 and a twelve month high of $2.98.
Globalstar (NYSEAMERICAN:GSAT – Get Rating) last issued its quarterly earnings data on Friday, May 5th. The Wireless communications provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.02. Globalstar had a negative net margin of 138.36% and a negative return on equity of 84.76%. The firm had revenue of $58.64 million for the quarter, compared to analysts’ expectations of $48.29 million. Equities research analysts anticipate that Globalstar, Inc. will post -0.01 EPS for the current fiscal year.
Globalstar, Inc engages in the provision of mobile satellite services. It offers voice and data communications services to the following markets: recreation and personal, government, public safety and disaster relief, oil and gas, maritime and fishing, natural resources, mining, and forestry, construction, utilities, and transportation.
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