Procyon Advisors LLC Acquires Shares of 38,000 Globalstar, Inc. (NYSE:GSAT)

Procyon Advisors LLC bought a new stake in Globalstar, Inc. (NYSE:GSAT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 38,000 shares of the company’s stock, valued at approximately $47,000.

A number of other large investors have also recently made changes to their positions in GSAT. Empowered Funds LLC acquired a new position in Globalstar during the first quarter worth approximately $26,000. Grant Street Asset Management Inc. purchased a new stake in Globalstar in the 1st quarter valued at $29,000. PFG Investments LLC raised its position in Globalstar by 83.3% in the 2nd quarter. PFG Investments LLC now owns 22,000 shares of the company’s stock valued at $25,000 after purchasing an additional 10,000 shares during the last quarter. Second Line Capital LLC acquired a new stake in Globalstar during the 1st quarter worth $34,000. Finally, XTX Topco Ltd purchased a new position in Globalstar during the 2nd quarter worth $31,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 395,000 shares of the company’s stock in a transaction 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 in the company, valued at approximately $12,539,951.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 transaction of $93,750.00. Following the transaction, the chief financial officer now owns 1,418,745 shares of the company’s stock, 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 link. Also, VP Timothy Evan Taylor sold 395,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $1.22, for a total value of $481,900.00. Following the completion of the sale, the vice president now directly owns 10,278,649 shares of the company’s stock, valued at approximately $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 currently owned by insiders.

Globalstar Price Performance

Shares of NYSE:GSAT opened at $1.21 on Thursday. Globalstar, Inc. has a one year low of $1.01 and a one year high of $2.13. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -60.50 and a beta of 0.85. The company has a 50-day simple moving average of $1.20 and a 200-day simple moving average of $1.23. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.95 and a current ratio of 1.04.

Globalstar (NYSE:GSAT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $60.39 million during the quarter, compared to analysts’ expectations of $57.49 million. Globalstar had a negative return on equity of 13.69% and a negative net margin of 22.96%. On average, analysts predict that Globalstar, Inc. will post -0.02 EPS for the current year.

Globalstar 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.