Globalstar (NYSE:GSAT) Stock Price Up 1.6%

Globalstar, Inc. (NYSE:GSAT)’s share price rose 1.6% on Thursday . The stock traded as high as $1.31 and last traded at $1.30. Approximately 2,630,915 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 2,903,418 shares. The stock had previously closed at $1.28.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Up 1.6 %

The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $1.33 and a 200-day moving average price of $1.49. The firm has a market capitalization of $2.45 billion, a PE ratio of -130.00 and a beta of 0.84.

Globalstar (NYSE:GSAT) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.01) earnings per share (EPS) for the quarter. Globalstar had a negative net margin of 14.61% and a negative return on equity of 6.43%. The company had revenue of $52.41 million during the quarter, compared to analysts’ expectations of $53.06 million. Equities research analysts forecast that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Globalstar

In other news, Director James F. Lynch purchased 660,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were bought at an average cost of $1.42 per share, for a total transaction of $937,200.00. Following the completion of the purchase, the director now directly owns 11,020,720 shares of the company’s stock, valued at $15,649,422.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have acquired 1,980,000 shares of company stock worth $2,765,400. Insiders own 62.00% of the company’s stock.

Institutional Trading of Globalstar

A number of large investors have recently modified their holdings of the stock. Simplicity Wealth LLC purchased a new stake in shares of Globalstar during the first quarter worth $59,000. HighPoint Advisor Group LLC purchased a new position in Globalstar in the fourth quarter valued at $112,000. B. Riley Wealth Advisors Inc. increased its holdings in Globalstar by 264.6% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 560,888 shares of the company’s stock valued at $1,088,000 after buying an additional 407,058 shares during the last quarter. Vanguard Group Inc. increased its holdings in Globalstar by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock valued at $139,175,000 after buying an additional 2,547,398 shares during the last quarter. Finally, Abel Hall LLC purchased a new position in Globalstar in the fourth quarter valued at $26,000. 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.