Globalstar (NYSE:GSAT) Stock Price Down 7%

Globalstar, Inc. (NYSE:GSAT) shares were down 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 mid-day trading, a decline of 49% from the average daily volume of 3,973,277 shares. The stock had previously closed at $1.28.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered 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 company has a debt-to-equity ratio of 0.86, a current ratio of 0.81 and a quick ratio of 0.73. The business’s 50 day moving average is $1.30 and its 200 day moving average is $1.44. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -121.00 and a beta of 0.85.

Globalstar (NYSE:GSAT) last issued its 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 firm had revenue of $52.41 million for the quarter, compared to analyst estimates of $53.06 million. As a group, equities analysts expect 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 firm’s stock in a transaction on Monday, March 11th. The stock was bought at an average price of $1.42 per share, for a total transaction of $937,200.00. Following the completion of the purchase, the director now directly owns 11,020,720 shares of the company’s stock, valued at approximately $15,649,422.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased 1,980,000 shares of company stock worth $2,765,400 over the last 90 days. Corporate insiders own 61.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC acquired a new stake in shares of Globalstar in the third quarter valued at approximately $25,000. Abel Hall LLC acquired a new stake in Globalstar during the fourth quarter worth approximately $26,000. Empowered Funds LLC acquired a new stake in Globalstar during the first quarter worth approximately $26,000. Grant Street Asset Management Inc. acquired a new stake in Globalstar during the first quarter worth approximately $29,000. Finally, Panagora Asset Management Inc. acquired a new stake in Globalstar during the fourth quarter worth approximately $35,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.