Globalstar (NYSE:GSAT) Stock Price Up 1.6%

Globalstar, Inc. (NYSE:GSAT) traded up 1.6% during mid-day trading on Thursday . The stock traded as high as $1.31 and last traded at $1.30. 2,630,915 shares were traded during trading, a decline of 9% from the average session 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 Trading 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 business’s fifty day simple moving average is $1.33 and its two-hundred day simple moving average is $1.49. The stock has a market capitalization of $2.45 billion, a P/E ratio of -130.00 and a beta of 0.84.

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

Insider Transactions at Globalstar

In other Globalstar news, Director James F. Lynch acquired 660,000 shares of Globalstar stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $1.42 per share, with a total value of $937,200.00. Following the acquisition, the director now owns 11,020,720 shares of the company’s stock, valued at $15,649,422.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders acquired 1,980,000 shares of company stock valued at $2,765,400. Company insiders own 62.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

A number of hedge funds have recently made changes to their positions in the company. Simplicity Wealth LLC acquired a new stake in shares of Globalstar during the 1st quarter worth about $59,000. HighPoint Advisor Group LLC acquired a new stake in shares of Globalstar during the 4th quarter worth about $112,000. B. Riley Wealth Advisors Inc. increased its position in shares of Globalstar by 264.6% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 560,888 shares of the company’s stock worth $1,088,000 after purchasing an additional 407,058 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Globalstar by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after purchasing an additional 2,547,398 shares in the last quarter. Finally, Abel Hall LLC acquired a new stake in shares of Globalstar during the 4th quarter worth about $26,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.