Globalstar, Inc. (NYSEAMERICAN:GSAT – Get Rating) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 43,680,000 shares, a growth of 12.1% from the August 15th total of 38,980,000 shares. Based on an average daily volume of 8,630,000 shares, the short-interest ratio is currently 5.1 days. Approximately 6.3% of the company's shares are short sold.
Insider Activity
In other Globalstar news, General Counsel L Barbee Iv Ponder acquired 15,500 shares of the business's stock in a transaction dated Friday, September 9th. The stock was bought at an average price of $1.78 per share, with a total value of $27,590.00. Following the purchase, the general counsel now owns 1,612,418 shares of the company's stock, valued at $2,870,104.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Keith O. Cowan purchased 88,000 shares of the company's stock in a transaction on Friday, September 9th. The stock was acquired at an average price of $1.69 per share, with a total value of $148,720.00. Following the transaction, the director now directly owns 626,468 shares of the company's stock, valued at approximately $1,058,730.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel L Barbee Iv Ponder purchased 15,500 shares of the company's stock in a transaction on Friday, September 9th. The shares were purchased at an average cost of $1.78 per share, with a total value of $27,590.00. Following the transaction, the general counsel now directly owns 1,612,418 shares in the company, valued at $2,870,104.04. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 247,500 shares of company stock valued at $438,310. Corporate insiders own 62.20% of the company's stock.
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Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of GSAT. McDonald Partners LLC bought a new stake in Globalstar during the 1st quarter valued at about $25,000. Thrivent Financial for Lutherans bought a new stake in Globalstar during the 2nd quarter valued at about $25,000. Relyea Zuckerberg Hanson LLC bought a new stake in Globalstar during the 1st quarter valued at about $27,000. CWA Asset Management Group LLC bought a new stake in Globalstar during the 2nd quarter valued at about $27,000. Finally, RFG Advisory LLC bought a new stake in Globalstar during the 1st quarter valued at about $32,000. 18.13% of the stock is currently owned by institutional investors.
Globalstar Trading Down 5.6 %
Shares of NYSEAMERICAN GSAT opened at $1.68 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.50 and a debt-to-equity ratio of 0.78. Globalstar has a 12 month low of $0.90 and a 12 month high of $2.98. The company has a market cap of $3.03 billion, a price-to-earnings ratio of -33.60 and a beta of 0.26. The stock has a fifty day moving average of $1.59.
Globalstar (NYSEAMERICAN:GSAT – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The Wireless communications provider reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Globalstar had a negative net margin of 74.68% and a negative return on equity of 28.57%. The business had revenue of $36.80 million during the quarter, compared to analyst estimates of $29.71 million. On average, sell-side analysts predict that Globalstar will post -0.05 earnings per share for the current year.
Globalstar Company Profile
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Globalstar, Inc provides mobile satellite services worldwide. 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; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.
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