Globalstar (NYSE:GSAT) Shares Gap Up – Still a Buy?

Globalstar, Inc. (NYSE:GSAT) shares gapped up before the market opened on Monday . The stock had previously closed at $1.38, but opened at $1.50. Globalstar shares last traded at $1.48, with a volume of 24,611,171 shares.

Globalstar Trading Up 28.3 %

The firm has a market capitalization of $3.36 billion, a PE ratio of -59.00 and a beta of 0.88. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04. The stock’s fifty day simple moving average is $1.16.

Globalstar (NYSE:GSAT) last posted its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $60.39 million for the quarter, compared to analysts’ expectations 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, analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globalstar news, CFO Rebecca Clary sold 75,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.25, for a total value of $93,750.00. Following the sale, the chief financial officer now directly owns 1,418,745 shares in the company, valued at $1,773,431.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other 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 completion of 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 filing with the SEC, which is accessible through this link. Also, VP Timothy Evan Taylor sold 395,000 shares of Globalstar 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 of the company’s stock, valued at $12,539,951.78. This trade 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 Trading of Globalstar

Large investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its position in Globalstar by 412.0% during the 1st quarter. Principal Financial Group Inc. now owns 416,145 shares of the company’s stock worth $612,000 after buying an additional 334,860 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Globalstar by 15.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 811,758 shares of the company’s stock worth $1,193,000 after purchasing an additional 106,663 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Globalstar by 13.1% during the first quarter. BNP Paribas Financial Markets now owns 586,606 shares of the company’s stock valued at $862,000 after purchasing an additional 67,800 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Globalstar in the first quarter valued at approximately $26,000. Finally, SG Americas Securities LLC raised its position in Globalstar by 126.2% in the 1st quarter. SG Americas Securities LLC now owns 46,890 shares of the company’s stock worth $69,000 after purchasing an additional 26,164 shares during the last quarter. Institutional investors 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.