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

Magnus Financial Group LLC grew its holdings in Globalstar, Inc. (NYSE:GSAT) by 9.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,521,590 shares of the company’s stock after buying an additional 227,333 shares during the quarter. Magnus Financial Group LLC owned about 0.13% of Globalstar worth $4,892,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Legion Partners Asset Management LLC grew its position in Globalstar by 272.5% during the third quarter. Legion Partners Asset Management LLC now owns 6,835,000 shares of the company’s stock worth $8,954,000 after buying an additional 5,000,000 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Globalstar in the 3rd quarter worth approximately $673,000. Ashford Capital Management Inc. purchased a new position in Globalstar in the 3rd quarter valued at approximately $550,000. Vanguard Group Inc. raised its holdings in Globalstar by 0.6% during the third quarter. Vanguard Group Inc. now owns 69,192,134 shares of the company’s stock worth $90,642,000 after purchasing an additional 418,008 shares during the last quarter. Finally, Robertson Stephens Wealth Management LLC grew its holdings in Globalstar by 14.9% in the third quarter. Robertson Stephens Wealth Management LLC now owns 1,946,000 shares of the company’s stock valued at $2,549,000 after purchasing an additional 253,000 shares during the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Globalstar from a “hold” rating to a “sell” rating in a report on Thursday, February 29th.

Insider Activity at Globalstar

In other Globalstar news, Director James F. Lynch purchased 660,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were purchased at an average cost of $1.46 per share, with a total value of $963,600.00. Following the purchase, the director now owns 12,340,720 shares in the company, valued at $18,017,451.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders acquired 1,980,000 shares of company stock worth $2,765,400. 62.00% of the stock is currently owned by insiders.

Globalstar Trading Down 0.8 %

Shares of Globalstar stock traded down $0.01 during mid-day trading on Friday, hitting $1.29. 1,536,400 shares of the stock were exchanged, compared to its average volume of 2,776,504. The company has a 50-day simple moving average of $1.33 and a 200 day simple moving average of $1.48. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -129.00 and a beta of 0.84. Globalstar, Inc. has a twelve month low of $0.85 and a twelve month high of $2.13.

Globalstar (NYSE:GSAT) last released its earnings results on Wednesday, February 28th. The company reported ($0.01) EPS for the quarter. Globalstar had a negative return on equity of 6.43% and a negative net margin of 14.61%. The firm had revenue of $52.41 million during the quarter, compared to analysts’ expectations of $53.06 million. Research analysts forecast that Globalstar, Inc. will post -0.02 EPS for the current year.

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.