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

Magnus Financial Group LLC lifted its holdings in shares of Globalstar, Inc. (NYSE:GSAT) by 9.9% in the 4th quarter, Holdings Channel reports. The firm owned 2,521,590 shares of the company’s stock after acquiring an additional 227,333 shares during the period. Magnus Financial Group LLC’s holdings in Globalstar were worth $4,892,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Intellectus Partners LLC boosted its stake in Globalstar by 5.0% in the fourth quarter. Intellectus Partners LLC now owns 188,210 shares of the company’s stock worth $365,000 after buying an additional 9,000 shares in the last quarter. FMR LLC grew its holdings in shares of Globalstar by 0.3% during the 3rd quarter. FMR LLC now owns 3,375,719 shares of the company’s stock valued at $4,422,000 after purchasing an additional 10,491 shares during the last quarter. New York State Common Retirement Fund raised its position in Globalstar by 6.5% in the 3rd quarter. New York State Common Retirement Fund now owns 223,895 shares of the company’s stock worth $293,000 after purchasing an additional 13,740 shares during the period. Swiss National Bank lifted its stake in Globalstar by 1.1% in the third quarter. Swiss National Bank now owns 1,594,154 shares of the company’s stock worth $2,088,000 after purchasing an additional 17,000 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new stake in Globalstar during the third quarter valued at about $25,000. 18.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Globalstar Stock Down 0.8 %

NYSE:GSAT traded down $0.01 during trading hours on Friday, reaching $1.29. 1,536,400 shares of the company traded hands, compared to its average volume of 2,776,504. Globalstar, Inc. has a 1 year low of $0.85 and a 1 year high of $2.13. The stock has a market capitalization of $2.43 billion, a P/E ratio of -129.00 and a beta of 0.84. The business’s 50-day moving average price is $1.33 and its two-hundred day moving average price is $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.

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

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 acquired at an average cost of $1.46 per share, with a total value of $963,600.00. Following the completion of the acquisition, the director now directly owns 12,340,720 shares in the company, valued at $18,017,451.20. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have bought 1,980,000 shares of company stock worth $2,765,400. 62.00% of the stock is owned by corporate insiders.

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.