Globalstar (NASDAQ:GSAT) Trading Down 5.2% After Insider Selling

Globalstar, Inc. (NASDAQ:GSAT) dropped 5.2% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $61.69 and last traded at $63.16. Approximately 185,655 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 900,586 shares. The stock had previously closed at $66.63.

Specifically, CFO Rebecca Clary sold 420 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $63.01, for a total value of $26,464.20. Following the transaction, the chief financial officer directly owned 109,383 shares in the company, valued at approximately $6,892,222.83. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel L Barbee Iv Ponder sold 420 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $63.01, for a total transaction of $26,464.20. Following the completion of the transaction, the general counsel directly owned 136,828 shares of the company’s stock, valued at approximately $8,621,532.28. This represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other Globalstar news, CFO Rebecca Clary sold 4,829 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $56.64, for a total transaction of $273,514.56. Following the completion of the sale, the chief financial officer directly owned 106,992 shares in the company, valued at $6,060,026.88. This represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of brokerages have commented on GSAT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 15th. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock. Zacks Research cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Finally, B. Riley boosted their target price on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Globalstar has an average rating of “Hold” and an average price target of $68.50.

Globalstar Stock Down 5.2%

The company’s fifty day moving average is $56.65 and its 200-day moving average is $38.73. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53. The company has a market capitalization of $8.01 billion, a PE ratio of -137.30 and a beta of 1.08.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $73.85 million during the quarter. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. During the same period in the prior year, the company posted $0.06 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC purchased a new stake in Globalstar in the 1st quarter valued at about $99,000. Magnus Financial Group LLC boosted its position in Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock valued at $4,610,000 after purchasing an additional 3,333 shares in the last quarter. Nordea Investment Management AB purchased a new position in shares of Globalstar in the 2nd quarter worth approximately $3,037,000. Y Intercept Hong Kong Ltd purchased a new position in Globalstar in the second quarter worth $343,000. Finally, Palogic Value Management L.P. acquired a new position in Globalstar during the 2nd quarter valued at about $1,178,000. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.