Shares of Globalstar, Inc. (NYSE:GSAT – Get Free Report) 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 downgraded Globalstar from a “hold” rating to a “sell” rating in a research note on Thursday, February 29th.
Get Our Latest Analysis on GSAT
Globalstar Stock Performance
Globalstar (NYSE:GSAT – Get Free Report) last posted its earnings results on Wednesday, February 28th. The company reported ($0.01) earnings per share (EPS) for the quarter. The business had revenue of $52.41 million during the quarter, compared to analyst estimates of $53.06 million. Globalstar had a negative net margin of 14.61% and a negative return on equity of 6.43%. Analysts predict that Globalstar, Inc. will post -0.02 EPS for the current year.
Insider Buying and Selling at Globalstar
In related news, Director James F. Lynch acquired 660,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were acquired at an average cost of $1.31 per share, with a total value of $864,600.00. Following the transaction, the director now owns 9,700,720 shares of the company’s stock, valued at approximately $12,707,943.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have purchased 1,980,000 shares of company stock valued at $2,765,400. 61.00% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Globalstar
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC increased its stake in shares of Globalstar by 92.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 61,498 shares of the company’s stock worth $81,000 after purchasing an additional 29,490 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Globalstar by 2.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,402,586 shares of the company’s stock worth $3,147,000 after purchasing an additional 65,866 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Globalstar during the 3rd quarter worth about $25,000. Jump Financial LLC acquired a new position in shares of Globalstar during the 3rd quarter worth about $39,000. Finally, New York State Common Retirement Fund increased its stake in shares of Globalstar by 6.5% during the 3rd quarter. New York State Common Retirement Fund now owns 223,895 shares of the company’s stock worth $293,000 after purchasing an additional 13,740 shares during the last quarter. 18.89% of the stock is owned by institutional investors.
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.
Featured Stories
- Five stocks we like better than Globalstar
- What is a SEC Filing?
- Roblox: The Bottom Just Fell Out of the Metaverse
- Manufacturing Stocks Investing
- Airbnb Stock Plummets After Earnings, But is It a Buy?
- Stock Analyst Ratings and Canadian Analyst Ratings
- Uber’s Earnings Drop Is Investors Opportunity
Receive News & Ratings for Globalstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globalstar and related companies with MarketBeat.com's FREE daily email newsletter.