Globalstar (NYSE:GSAT) Trading Down 7%

Globalstar, Inc. (NYSE:GSAT) dropped 7% on Thursday . The company traded as low as $1.18 and last traded at $1.19. Approximately 2,033,173 shares changed hands during trading, a decline of 49% from the average daily volume of 3,973,277 shares. The stock had previously closed at $1.28.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of Globalstar from a “hold” rating to a “sell” rating in a research report on Thursday, February 29th.

Globalstar Trading Down 5.5 %

The firm has a market capitalization of $2.28 billion, a P/E ratio of -121.00 and a beta of 0.85. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 0.86. The firm has a 50 day moving average of $1.30 and a 200-day moving average of $1.44.

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

Insider Buying and Selling at Globalstar

In related news, Director James F. Lynch acquired 660,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was acquired at an average cost of $1.42 per share, for a total transaction of $937,200.00. Following the transaction, the director now directly owns 11,020,720 shares in the company, valued at $15,649,422.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders bought a total of 1,980,000 shares of company stock worth $2,765,400 over the last three months. Corporate insiders own 61.00% of the company’s stock.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently modified their holdings of the business. Private Advisor Group LLC bought a new position in Globalstar during the 3rd quarter worth approximately $25,000. Abel Hall LLC bought a new stake in Globalstar during the fourth quarter valued at $26,000. Empowered Funds LLC bought a new position in shares of Globalstar in the 1st quarter worth about $26,000. Grant Street Asset Management Inc. acquired a new position in shares of Globalstar in the 1st quarter valued at about $29,000. Finally, Panagora Asset Management Inc. acquired a new stake in Globalstar during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

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.