Magnus Financial Group LLC Increases Position in Globalstar, Inc. (NYSE:GSAT)

Magnus Financial Group LLC boosted its stake in shares of Globalstar, Inc. (NYSE:GSAT) by 1.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,707,796 shares of the company’s stock after acquiring an additional 50,000 shares during the period. Magnus Financial Group LLC owned 0.14% of Globalstar worth $3,033,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. New York State Common Retirement Fund lifted its position in Globalstar by 10.1% during the fourth quarter. New York State Common Retirement Fund now owns 246,519 shares of the company’s stock valued at $478,000 after purchasing an additional 22,624 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Globalstar by 39.6% in the 4th quarter. Victory Capital Management Inc. now owns 102,178 shares of the company’s stock worth $198,000 after acquiring an additional 28,986 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Globalstar by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,646,468 shares of the company’s stock worth $10,954,000 after acquiring an additional 213,489 shares during the last quarter. Locust Wood Capital Advisers LLC bought a new stake in shares of Globalstar in the 4th quarter worth about $2,769,000. Finally, Panagora Asset Management Inc. bought a new stake in shares of Globalstar in the 4th quarter worth about $35,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Globalstar Trading Up 2.0 %

Shares of Globalstar stock traded up $0.03 during trading on Tuesday, hitting $1.28. The stock had a trading volume of 1,831,584 shares, compared to its average volume of 4,059,196. The firm’s fifty day simple moving average is $1.25 and its 200-day simple moving average is $1.18. The stock has a market cap of $2.42 billion, a PE ratio of -63.75 and a beta of 0.90. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.04 and a quick ratio of 0.95. Globalstar, Inc. has a 12 month low of $1.01 and a 12 month high of $2.13.

Globalstar (NYSE:GSAT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $60.39 million for the quarter, compared to the consensus estimate of $57.49 million. Globalstar had a negative net margin of 22.96% and a negative return on equity of 13.69%. As a group, sell-side analysts expect that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James Monroe III purchased 4,510,855 shares of Globalstar stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the purchase, the director now directly owns 8,708,254 shares of the company’s stock, valued at approximately $9,230,749.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 61.00% of the stock is currently owned by insiders.

Globalstar 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.