Magnus Financial Group LLC Has $4.89 Million Stake in Globalstar, Inc. (NYSE:GSAT)

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

Several other institutional investors and hedge funds have also recently bought and sold shares of GSAT. Private Advisor Group LLC bought a new stake in Globalstar in the third quarter valued at about $25,000. Jump Financial LLC acquired a new position in shares of Globalstar in the 3rd quarter worth approximately $39,000. Evergreen Capital Management LLC acquired a new stake in shares of Globalstar in the 3rd quarter valued at $53,000. EP Wealth Advisors LLC increased its position in shares of Globalstar by 141.3% during the 3rd quarter. EP Wealth Advisors LLC now owns 40,550 shares of the company’s stock worth $53,000 after purchasing an additional 23,748 shares in the last quarter. Finally, Stratos Wealth Advisors LLC bought a new position in Globalstar during the 3rd quarter valued at about $79,000. Institutional investors own 18.89% of the company’s stock.

Insiders Place Their Bets

In related news, Director James F. Lynch acquired 660,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was bought at an average cost of $1.31 per share, for a total transaction of $864,600.00. Following the completion of the transaction, the director now directly owns 9,700,720 shares of the company’s stock, valued at $12,707,943.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have purchased 1,980,000 shares of company stock valued at $2,765,400. 62.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Globalstar Trading Down 0.8 %

GSAT stock traded down $0.01 during trading on Friday, hitting $1.29. The company had a trading volume of 1,536,400 shares, compared to its average volume of 2,776,504. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 0.86. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -129.00 and a beta of 0.84. Globalstar, Inc. has a 12 month low of $0.85 and a 12 month high of $2.13. The firm has a 50-day moving average price of $1.33 and a 200-day moving average price of $1.48.

Globalstar (NYSE:GSAT) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.01) earnings per share (EPS) for the quarter. Globalstar had a negative net margin of 14.61% and a negative return on equity of 6.43%. The firm had revenue of $52.41 million during the quarter, compared to analyst estimates of $53.06 million. As a group, analysts predict that Globalstar, Inc. will post -0.02 earnings per share 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.