Globalstar (NYSE:GSAT) Stock Price Down 3.4%

Globalstar, Inc. (NYSE:GSAT) was down 3.4% during mid-day trading on Monday . The stock traded as low as $1.43 and last traded at $1.43. Approximately 458,921 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 4,007,536 shares. The stock had previously closed at $1.48.

Globalstar Price Performance

The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.97. The company’s fifty day moving average price is $1.23. The stock has a market cap of $2.72 billion, a P/E ratio of -71.75 and a beta of 0.90.

Globalstar (NYSE:GSAT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $60.39 million during the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 19.14% and a negative return on equity of 11.66%. On average, analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current year.

Insider Activity

In other news, Director James Monroe III purchased 4,510,855 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were purchased at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the acquisition, 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 link. 61.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently bought and sold shares of GSAT. Algert Global LLC purchased a new stake in shares of Globalstar during the 2nd quarter valued at $86,000. Murchinson Ltd. raised its position in Globalstar by 24.6% during the second quarter. Murchinson Ltd. now owns 1,245,999 shares of the company’s stock valued at $1,396,000 after purchasing an additional 245,999 shares in the last quarter. Inspire Investing LLC lifted its stake in Globalstar by 28.2% during the second quarter. Inspire Investing LLC now owns 318,617 shares of the company’s stock worth $357,000 after purchasing an additional 70,179 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Globalstar in the 2nd quarter worth about $31,000. Finally, Renaissance Technologies LLC increased its position in shares of Globalstar by 12.9% during the 2nd quarter. Renaissance Technologies LLC now owns 176,629 shares of the company’s stock valued at $198,000 after purchasing an additional 20,200 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors.

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.