Globalstar (NASDAQ:GSAT) CFO Rebecca Clary Sells 1,260 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 1,260 shares of the stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the sale, the chief financial officer owned 108,123 shares of the company’s stock, valued at approximately $6,640,914.66. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Rebecca Clary also recently made the following trade(s):

• On Monday, December 22nd, Rebecca Clary sold 420 shares of Globalstar stock. The shares were sold at an average price of $63.01, for a total value of $26,464.20.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The stock was sold at an average price of $56.64, for a total value of $273,514.56.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The shares were sold at an average price of $56.64, for a total value of $273,514.56.
• On Monday, December 8th, Rebecca Clary sold 1,221 shares of Globalstar stock. The stock was sold at an average price of $67.88, for a total transaction of $82,881.48.
• On Monday, December 1st, Rebecca Clary sold 4,380 shares of Globalstar stock. The shares were sold at an average price of $59.92, for a total transaction of $262,449.60.
• On Monday, November 17th, Rebecca Clary sold 16,316 shares of Globalstar stock. The shares were sold at an average price of $58.32, for a total transaction of $951,549.12.
• On Friday, November 14th, Rebecca Clary sold 1,188 shares of Globalstar stock. The stock was sold at an average price of $60.84, for a total transaction of $72,277.92.
• On Wednesday, November 12th, Rebecca Clary sold 56 shares of Globalstar stock. The shares were sold at an average price of $61.34, for a total transaction of $3,435.04.
• On Thursday, November 6th, Rebecca Clary sold 4,572 shares of Globalstar stock. The shares were sold at an average price of $48.31, for a total transaction of $220,873.32.
• On Thursday, October 16th, Rebecca Clary sold 4,333 shares of Globalstar stock. The stock was sold at an average price of $44.43, for a total transaction of $192,515.19.

Globalstar Stock Down 4.6%

Shares of GSAT traded down $2.90 during trading hours on Monday, hitting $59.99. The stock had a trading volume of 660,030 shares, compared to its average volume of 897,148. Globalstar, Inc. has a 1-year low of $17.24 and a 1-year high of $74.88. The firm has a market capitalization of $7.61 billion, a P/E ratio of -130.41 and a beta of 1.08. The firm has a 50 day simple moving average of $58.20 and a 200-day simple moving average of $39.92. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.53 and a quick ratio of 2.46.

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

Analyst Ratings Changes

GSAT has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective for the company. B. Riley lifted their price target on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 22nd. Finally, Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $68.50.

Hedge Funds Weigh In On Globalstar

Several institutional investors have recently modified their holdings of GSAT. US Bancorp DE increased its position in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Fortitude Family Office LLC bought a new position in Globalstar in the 3rd quarter valued at $37,000. Advisory Services Network LLC bought a new position in Globalstar in the 3rd quarter valued at $40,000. Dakota Community Bank & Trust NA purchased a new stake in shares of Globalstar during the 3rd quarter valued at $46,000. Finally, CWM LLC raised its stake in shares of Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after purchasing an additional 664 shares during the period. 18.89% of the stock is owned by institutional investors.

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.