Globalstar (NYSE:GSAT) Shares Gap Up – Here’s Why

Globalstar, Inc. (NYSE:GSAT) shares gapped up before the market opened on Monday . The stock had previously closed at $1.38, but opened at $1.50. Globalstar shares last traded at $1.48, with a volume of 24,611,171 shares changing hands.

Globalstar Stock Up 28.3 %

The business’s fifty day moving average price is $1.16. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -59.00 and a beta of 0.88.

Globalstar (NYSE:GSAT) last issued 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 company had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. Sell-side analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current year.

Insiders Place Their Bets

In related news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the sale, the vice president now owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total transaction of $481,900.00. Following the transaction, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the completion of the sale, the chief financial officer now directly owns 1,418,745 shares of the company’s stock, valued at $1,773,431.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC acquired a new stake in Globalstar during the 1st quarter worth approximately $26,000. PFG Investments LLC raised its holdings in shares of Globalstar by 83.3% during the second quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after acquiring an additional 10,000 shares during the period. CWA Asset Management Group LLC acquired a new stake in shares of Globalstar during the third quarter worth $27,000. Second Line Capital LLC bought a new stake in Globalstar in the 1st quarter valued at $34,000. Finally, XTX Topco Ltd acquired a new position in Globalstar in the 2nd quarter worth $31,000. 18.89% of the stock is currently owned by institutional investors.

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.