Globalstar (NYSE:GSAT) Stock Price Down 2.7%

Globalstar, Inc. (NYSE:GSATGet Free Report)’s stock price fell 2.7% on Thursday . The stock traded as low as $1.08 and last traded at $1.08. 1,490,878 shares changed hands during trading, a decline of 52% from the average session volume of 3,088,069 shares. The stock had previously closed at $1.11.

Wall Street Analysts Forecast Growth

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

Read Our Latest Stock Report on Globalstar

Globalstar Price Performance

The company has a 50 day moving average of $1.17 and a 200-day moving average of $1.29. The firm has a market capitalization of $2.05 billion, a P/E ratio of -54.00 and a beta of 0.82. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.97.

Globalstar (NYSE:GSATGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $56.48 million during the quarter, compared to analysts’ expectations of $52.92 million. Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. On average, sell-side analysts predict that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Transactions at Globalstar

In other Globalstar news, Director James F. Lynch purchased 660,000 shares of the stock in a transaction dated Wednesday, March 13th. The stock was bought at an average price of $1.46 per share, with a total value of $963,600.00. Following the acquisition, the director now owns 12,340,720 shares of the company’s stock, valued at $18,017,451.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 61.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Globalstar by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 69,192,134 shares of the company’s stock worth $90,642,000 after purchasing an additional 418,008 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Globalstar by 1,099.0% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 153,830 shares of the company’s stock valued at $202,000 after buying an additional 141,000 shares during the last quarter. Pure Financial Advisors LLC bought a new stake in shares of Globalstar in the 4th quarter valued at about $97,000. EP Wealth Advisors LLC grew its position in shares of Globalstar by 141.3% in the 3rd quarter. EP Wealth Advisors LLC now owns 40,550 shares of the company’s stock valued at $53,000 after buying an additional 23,748 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Globalstar by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock valued at $10,954,000 after buying an additional 213,489 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

(Get Free Report)

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.

See Also

Receive News & Ratings for Globalstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globalstar and related companies with MarketBeat.com's FREE daily email newsletter.