Globalstar (NYSE:GSAT) Trading Up 5.6%

Globalstar, Inc. (NYSE:GSAT)’s stock price traded up 5.6% on Thursday . The company traded as high as $1.32 and last traded at $1.31. 2,428,259 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 4,050,422 shares. The stock had previously closed at $1.24.

Globalstar Trading Up 5.6 %

The stock’s 50 day moving average price is $1.24 and its 200-day moving average price is $1.18. The company has a quick ratio of 0.90, a current ratio of 1.00 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $2.49 billion, a P/E ratio of -65.75 and a beta of 0.90.

Globalstar (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $60.39 million for the quarter, compared to the consensus estimate of $57.49 million. Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. As a group, equities research analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In related news, Director James Monroe III bought 4,510,855 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average price of $1.06 per share, for a total transaction of $4,781,506.30. Following the acquisition, the director now owns 8,708,254 shares of the company’s stock, valued at $9,230,749.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 61.00% of the stock is owned by company insiders.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Globalstar by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after buying an additional 2,547,398 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Globalstar by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock valued at $1,026,000 after purchasing an additional 55,368 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 worth $10,954,000 after buying an additional 213,489 shares in the last quarter. Wolf Hill Capital Management LP acquired a new stake in shares of Globalstar during the fourth quarter worth $4,324,000. Finally, New York State Common Retirement Fund lifted its position in shares of Globalstar by 10.1% in the 4th quarter. New York State Common Retirement Fund now owns 246,519 shares of the company’s stock valued at $478,000 after acquiring an additional 22,624 shares in the last quarter. Hedge funds and other institutional investors 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.