Panagora Asset Management Inc. Takes Position in Globalstar, Inc. (NYSE:GSAT)

Panagora Asset Management Inc. acquired a new stake in shares of Globalstar, Inc. (NYSE:GSAT) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 18,129 shares of the company’s stock, valued at approximately $35,000.

Other hedge funds have also recently modified their holdings of the company. Intellectus Partners LLC lifted its stake in shares of Globalstar by 5.0% during the 4th quarter. Intellectus Partners LLC now owns 188,210 shares of the company’s stock valued at $365,000 after buying an additional 9,000 shares in the last quarter. FMR LLC lifted its stake 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 buying an additional 10,491 shares in the last quarter. New York State Common Retirement Fund lifted its stake in shares of Globalstar by 6.5% during the 3rd quarter. New York State Common Retirement Fund now owns 223,895 shares of the company’s stock valued at $293,000 after buying an additional 13,740 shares in the last quarter. Swiss National Bank lifted its stake in shares of Globalstar by 1.1% during the 3rd quarter. Swiss National Bank now owns 1,594,154 shares of the company’s stock valued at $2,088,000 after buying an additional 17,000 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Globalstar during the 3rd quarter valued at $25,000. Institutional investors own 18.89% of the company’s stock.

Globalstar Stock Performance

GSAT opened at $1.13 on Monday. The stock has a market cap of $2.15 billion, a PE ratio of -56.50 and a beta of 0.85. Globalstar, Inc. has a fifty-two week low of $0.96 and a fifty-two week high of $2.13. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.90 and a current ratio of 1.00. The company’s fifty day moving average price is $1.24.

Globalstar (NYSE:GSAT) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $56.48 million for the quarter, compared to analysts’ expectations of $52.92 million. Globalstar had a negative net margin of 19.14% and a negative return on equity of 11.66%. On average, equities research analysts predict that Globalstar, Inc. will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, Director James F. Lynch purchased 660,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were acquired at an average price of $1.42 per share, for a total transaction of $937,200.00. Following the purchase, the director now directly owns 11,020,720 shares in the company, valued at $15,649,422.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have purchased a total of 1,980,000 shares of company stock worth $2,765,400 in the last 90 days. 61.00% of the stock is currently owned by corporate insiders.

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.