Globalstar (NYSE:GSAT) Shares Gap Up to $1.25

Globalstar, Inc. (NYSE:GSAT) gapped up before the market opened on Monday . The stock had previously closed at $1.25, but opened at $1.28. Globalstar shares last traded at $1.26, with a volume of 1,137,709 shares.

Globalstar Stock Up 6.4 %

The stock has a market capitalization of $2.53 billion, a P/E ratio of -66.50 and a beta of 0.90. The firm has a fifty day moving average of $1.20. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00.

Globalstar (NYSE:GSAT) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $60.39 million during the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 19.14% and a negative return on equity of 11.66%. Research analysts forecast that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Activity at Globalstar

In related news, Director James Monroe III purchased 4,510,855 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the acquisition, the director now directly owns 8,708,254 shares in the company, valued at approximately $9,230,749.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 61.00% of the stock is currently owned by company insiders.

Institutional Trading of Globalstar

A number of institutional investors have recently bought and sold shares of the business. American International Group Inc. grew its holdings in Globalstar by 2.5% during the 1st quarter. American International Group Inc. now owns 357,070 shares of the company’s stock worth $525,000 after acquiring an additional 8,706 shares during the period. Intellectus Partners LLC grew its holdings in Globalstar by 5.0% during the 4th quarter. Intellectus Partners LLC now owns 188,210 shares of the company’s stock worth $365,000 after acquiring an additional 9,000 shares during the period. PFG Investments LLC grew its holdings in Globalstar by 83.3% during the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock worth $25,000 after acquiring an additional 10,000 shares during the period. Abel Hall LLC acquired a new stake in Globalstar during the 4th quarter worth $26,000. Finally, ProShare Advisors LLC grew its holdings in Globalstar by 12.2% during the 1st quarter. ProShare Advisors LLC now owns 130,174 shares of the company’s stock worth $191,000 after acquiring an additional 14,166 shares during the period. Institutional investors and hedge funds 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.