Raymond James & Associates Trims Position in Globalstar, Inc. (NYSE:GSAT)

Raymond James & Associates trimmed its position in Globalstar, Inc. (NYSE:GSAT) by 44.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 79,308 shares of the company’s stock after selling 64,521 shares during the period. Raymond James & Associates’ holdings in Globalstar were worth $154,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Private Advisor Group LLC purchased a new position in shares of Globalstar in the third quarter worth approximately $25,000. Jump Financial LLC purchased a new stake in shares of Globalstar in the 3rd quarter worth $39,000. Evergreen Capital Management LLC purchased a new stake in shares of Globalstar in the 3rd quarter worth $53,000. EP Wealth Advisors LLC raised its holdings in Globalstar by 141.3% in the 3rd quarter. EP Wealth Advisors LLC now owns 40,550 shares of the company’s stock worth $53,000 after purchasing an additional 23,748 shares during the period. Finally, Stratos Wealth Advisors LLC bought a new stake in Globalstar during the third quarter valued at about $79,000. 18.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Globalstar news, Director James F. Lynch purchased 660,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were bought at an average cost of $1.46 per share, with a total value of $963,600.00. Following the acquisition, the director now owns 12,340,720 shares in the company, valued at $18,017,451.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders acquired 1,980,000 shares of company stock worth $2,765,400. 61.00% of the stock is owned by corporate insiders.

Globalstar Price Performance

Shares of NYSE:GSAT opened at $1.29 on Thursday. The firm’s 50 day simple moving average is $1.32 and its two-hundred day simple moving average is $1.46. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.81 and a quick ratio of 0.73. The company has a market capitalization of $2.43 billion, a P/E ratio of -129.00 and a beta of 0.84. Globalstar, Inc. has a 1-year low of $0.85 and a 1-year high of $2.13.

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

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.