Globalstar (NYSE:GSAT) Shares Up 1.6%

Globalstar, Inc. (NYSE:GSAT) shares were up 1.6% during mid-day trading on Thursday . The company traded as high as $1.31 and last traded at $1.30. Approximately 2,630,915 shares were traded during trading, a decline of 9% from the average daily volume of 2,903,418 shares. The stock had previously closed at $1.28.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Globalstar from a “hold” rating to a “sell” rating in a report on Thursday, February 29th.

Globalstar Stock Up 1.6 %

The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $2.45 billion, a PE ratio of -130.00 and a beta of 0.84. The stock’s fifty day simple moving average is $1.33 and its 200-day simple moving average is $1.49.

Globalstar (NYSE:GSAT) last released its earnings results on Wednesday, February 28th. The company reported ($0.01) EPS for the quarter. The business had revenue of $52.41 million for the quarter, compared to the consensus estimate of $53.06 million. Globalstar had a negative return on equity of 6.43% and a negative net margin of 14.61%. As a group, sell-side analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Insider Transactions at Globalstar

In other Globalstar news, Director James F. Lynch bought 660,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were bought at an average cost of $1.46 per share, for a total transaction of $963,600.00. Following the purchase, the director now directly owns 12,340,720 shares of the company’s stock, valued at approximately $18,017,451.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have acquired 1,980,000 shares of company stock worth $2,765,400 in the last ninety days. Company insiders own 62.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GSAT. Legion Partners Asset Management LLC raised its stake in Globalstar by 272.5% in the 3rd quarter. Legion Partners Asset Management LLC now owns 6,835,000 shares of the company’s stock valued at $8,954,000 after acquiring an additional 5,000,000 shares during the period. Vanguard Group Inc. raised its stake in Globalstar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock valued at $139,175,000 after acquiring an additional 2,547,398 shares during the period. Wolf Hill Capital Management LP bought a new stake in Globalstar in the 4th quarter valued at about $4,324,000. Locust Wood Capital Advisers LLC bought a new stake in Globalstar in the 4th quarter valued at about $2,769,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Globalstar during the third quarter valued at about $673,000. 18.89% of the stock is currently owned by 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.