Murchinson Ltd. Sells 377,000 Shares of Globalstar, Inc. (NYSE:GSAT)

Murchinson Ltd. decreased its stake in Globalstar, Inc. (NYSE:GSAT) by 37.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 623,000 shares of the company’s stock after selling 377,000 shares during the quarter. Murchinson Ltd.’s holdings in Globalstar were worth $698,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GSAT. Victory Capital Management Inc. raised its position in Globalstar by 39.6% in the fourth quarter. Victory Capital Management Inc. now owns 102,178 shares of the company’s stock valued at $198,000 after purchasing an additional 28,986 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Globalstar by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock valued at $10,954,000 after buying an additional 213,489 shares during the period. Panagora Asset Management Inc. bought a new position in Globalstar in the 4th quarter valued at approximately $35,000. Wolf Hill Capital Management LP acquired a new stake in Globalstar during the 4th quarter worth approximately $4,324,000. Finally, Plustick Management LLC grew its holdings in Globalstar by 4.7% during the 4th quarter. Plustick Management LLC now owns 9,949,000 shares of the company’s stock worth $19,301,000 after acquiring an additional 450,000 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Insider Buying and Selling

In related news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $1.22, for a total value of $481,900.00. Following the sale, the vice president now directly owns 10,278,649 shares in the company, valued at $12,539,951.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $1,773,431.25. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Timothy Evan Taylor sold 395,000 shares of the business’s stock in a transaction dated 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 transaction, the vice president now directly owns 10,278,649 shares in the company, valued at $12,539,951.78. The disclosure for this sale can be found here. 61.00% of the stock is owned by insiders.

Globalstar Price Performance

GSAT stock opened at $1.19 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. Globalstar, Inc. has a 52-week low of $1.01 and a 52-week high of $2.13. The company has a market capitalization of $2.26 billion, a P/E ratio of -59.50 and a beta of 0.86. The company has a fifty day moving average price of $1.27 and a 200-day moving average price of $1.21.

Globalstar (NYSE:GSAT) last announced its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. The firm had revenue of $60.39 million for the quarter, compared to the consensus estimate of $57.49 million. As a group, equities analysts expect that Globalstar, Inc. will post -0.02 EPS for the current year.

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.