Globalstar (NYSE:GSAT) Sees Strong Trading Volume – Here’s Why

Globalstar, Inc. (NYSE:GSAT) saw unusually-strong trading volume on Friday . Approximately 79,678,308 shares changed hands during mid-day trading, an increase of 1,719% from the previous session’s volume of 4,380,409 shares.The stock last traded at $1.25 and had previously closed at $1.05.

Globalstar Trading Up 32.4 %

The company has a 50 day moving average of $1.15 and a 200-day moving average of $1.21. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of -46.98 and a beta of 0.85. 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 (NYSE:GSAT) last released its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $60.39 million for the quarter, compared to analyst estimates of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. On average, research analysts anticipate that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Globalstar

In other Globalstar 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 transaction of $481,900.00. Following the completion of the transaction, the vice president now owns 10,278,649 shares in the company, valued at $12,539,951.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.25, for a total transaction of $93,750.00. Following the sale, the chief financial officer now owns 1,418,745 shares of the company’s stock, valued at approximately $1,773,431.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy Evan Taylor sold 395,000 shares of the business’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 transaction of $481,900.00. Following the sale, the vice president now owns 10,278,649 shares of the company’s stock, valued at $12,539,951.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 61.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GSAT. Vanguard Group Inc. increased its stake in Globalstar by 2.1% in the first quarter. Vanguard Group Inc. now owns 73,234,084 shares of the company’s stock valued at $107,654,000 after purchasing an additional 1,494,552 shares during the period. Anson Funds Management LP grew its holdings in shares of Globalstar by 38.8% during the first quarter. Anson Funds Management LP now owns 10,835,267 shares of the company’s stock worth $15,928,000 after buying an additional 3,028,923 shares during the last quarter. Ashford Capital Management Inc. increased its position in Globalstar by 1,551.7% in the 1st 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 period. Wolf Hill Capital Management LP raised its stake in Globalstar by 57.3% during the 1st quarter. Wolf Hill Capital Management LP now owns 3,505,529 shares of the company’s stock valued at $5,153,000 after acquiring an additional 1,276,866 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Globalstar by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,791,176 shares of the company’s stock worth $3,126,000 after acquiring an additional 307,357 shares during the period. Hedge funds and other institutional investors 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.