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

Globalstar, Inc. (NYSE:GSAT)’s share price gapped up prior to trading on Monday . The stock had previously closed at $1.03, but opened at $1.09. Globalstar shares last traded at $1.09, with a volume of 464,386 shares changing hands.

Globalstar Stock Up 6.8 %

The firm has a 50-day moving average of $1.17. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $2.09 billion, a P/E ratio of -55.00 and a beta of 0.85.

Globalstar (NYSE:GSAT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. The firm had revenue of $60.39 million for the quarter, compared to the consensus estimate of $57.49 million. On average, sell-side analysts anticipate that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Insider Activity at Globalstar

In other news, VP Timothy Evan Taylor sold 395,000 shares of Globalstar stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total transaction 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were 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 directly owns 10,278,649 shares in the company, valued at approximately $12,539,951.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Rebecca Clary sold 75,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 61.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globalstar

A number of large investors have recently made changes to their positions in GSAT. Vanguard Group Inc. boosted its position in shares of Globalstar by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 71,739,532 shares of the company’s stock worth $139,175,000 after purchasing an additional 2,547,398 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Globalstar by 412.0% in the first quarter. Principal Financial Group Inc. now owns 416,145 shares of the company’s stock worth $612,000 after purchasing an additional 334,860 shares during the last quarter. Grant Street Asset Management Inc. purchased a new stake in shares of Globalstar during the first quarter valued at $29,000. Mirae Asset Global Investments Co. Ltd. raised its position in Globalstar by 15.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 811,758 shares of the company’s stock worth $1,193,000 after buying an additional 106,663 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Globalstar by 13.1% during the 1st quarter. BNP Paribas Financial Markets now owns 586,606 shares of the company’s stock valued at $862,000 after acquiring an additional 67,800 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.