Globalstar (NYSE:GSAT) Shares Gap Down to $1.33

Globalstar, Inc. (NYSE:GSAT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $1.33, but opened at $1.30. Globalstar shares last traded at $1.28, with a volume of 1,285,052 shares traded.

Globalstar Price Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00. The company has a market cap of $2.40 billion, a price-to-earnings ratio of -63.25 and a beta of 0.90. The business has a fifty day moving average price of $1.12 and a 200 day moving average price of $1.19.

Globalstar (NYSE:GSAT) last issued its earnings results on Wednesday, May 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. The business had revenue of $56.48 million during the quarter, compared to analysts’ expectations of $52.92 million. As a group, research analysts anticipate that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James Monroe III purchased 4,510,855 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the purchase, the director now owns 8,708,254 shares in the company, valued at approximately $9,230,749.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently made changes to their positions in the stock. American International Group Inc. boosted its position in shares of Globalstar by 2.5% during the 1st quarter. American International Group Inc. now owns 357,070 shares of the company’s stock valued at $525,000 after purchasing an additional 8,706 shares in the last quarter. Intellectus Partners LLC boosted its position in shares of Globalstar by 5.0% during the 4th quarter. Intellectus Partners LLC now owns 188,210 shares of the company’s stock valued at $365,000 after purchasing an additional 9,000 shares in the last quarter. Abel Hall LLC bought a new stake in shares of Globalstar during the 4th quarter valued at about $26,000. ProShare Advisors LLC boosted its position in shares of Globalstar by 12.2% during the 1st quarter. ProShare Advisors LLC now owns 130,174 shares of the company’s stock valued at $191,000 after purchasing an additional 14,166 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Globalstar during the 1st quarter valued at about $26,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.