Insider Buying: Globalstar, Inc. (NYSE:GSAT) Director Purchases 4,510,855 Shares of Stock

Globalstar, Inc. (NYSE:GSAT) Director James Monroe III purchased 4,510,855 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were acquired at an average price of $1.06 per share, with a total value of $4,781,506.30. Following the completion of the acquisition, the director now owns 8,708,254 shares in the company, valued at approximately $9,230,749.24. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Globalstar Stock Performance

Shares of GSAT stock traded down $0.02 during trading hours on Monday, hitting $1.11. 1,565,605 shares of the company were exchanged, compared to its average volume of 3,818,996. The company’s 50 day simple moving average is $1.09. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -56.25 and a beta of 0.90. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00. Globalstar, Inc. has a fifty-two week low of $1.01 and a fifty-two week high of $2.13.

Globalstar (NYSE:GSAT) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Globalstar had a negative net margin of 19.14% and a negative return on equity of 11.66%. The firm had revenue of $56.48 million for the quarter, compared to analyst estimates of $52.92 million. As a group, sell-side analysts expect that Globalstar, Inc. will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Globalstar

A number of hedge funds have recently added to or reduced their stakes in GSAT. Abel Hall LLC bought a new position in shares of Globalstar in the 4th quarter worth $26,000. Empowered Funds LLC acquired a new position in shares of Globalstar during the first quarter valued at about $26,000. Panagora Asset Management Inc. bought a new stake in shares of Globalstar during the fourth quarter worth about $35,000. Grant Street Asset Management Inc. acquired a new stake in shares of Globalstar in the 1st quarter worth about $29,000. Finally, Second Line Capital LLC bought a new position in Globalstar in the 1st quarter valued at about $34,000. Institutional investors and hedge funds 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.