James Monroe III Acquires 4,510,855 Shares of Globalstar, Inc. (NYSE:GSAT) Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III acquired 4,510,855 shares of the stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $1.06 per share, with a total value of $4,781,506.30. Following the transaction, the director now directly owns 8,708,254 shares of the company’s stock, valued at $9,230,749.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Globalstar Price Performance

GSAT stock opened at $1.09 on Wednesday. The stock has a 50-day moving average price of $1.08 and a two-hundred day moving average price of $1.21. Globalstar, Inc. has a 1 year low of $1.01 and a 1 year high of $2.13. The stock has a market cap of $2.07 billion, a PE ratio of -54.50 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.97.

Globalstar (NYSE:GSAT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $56.48 million during the quarter, compared to the consensus estimate of $52.92 million. Globalstar had a negative return on equity of 11.66% and a negative net margin of 19.14%. Equities analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Institutional Trading of Globalstar

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Second Line Capital LLC acquired a new stake in Globalstar in the 1st quarter valued at $34,000. Murchinson Ltd. bought a new position in shares of Globalstar in the 1st quarter valued at about $1,470,000. Ashford Capital Management Inc. increased its position in shares of Globalstar by 1,551.7% in the first quarter. Ashford Capital Management Inc. now owns 7,027,954 shares of the company’s stock valued at $10,331,000 after acquiring an additional 6,602,454 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Globalstar by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 697,461 shares of the company’s stock worth $1,026,000 after acquiring an additional 55,368 shares in the last quarter. Finally, Wolf Hill Capital Management LP boosted its position in Globalstar by 57.3% during the first quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock valued at $5,153,000 after purchasing an additional 1,276,866 shares during the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.