Timothy Evan Taylor Sells 75,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) VP Timothy Evan Taylor sold 75,000 shares of Globalstar stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the completion of the transaction, the vice president owned 245,244 shares in the company, valued at $20,392,038.60. The trade was a 23.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Globalstar Price Performance

GSAT opened at $82.39 on Friday. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. Globalstar, Inc. has a 52-week low of $24.37 and a 52-week high of $84.85. The company has a 50 day moving average of $80.84 and a two-hundred day moving average of $73.98. The company has a market cap of $10.67 billion, a P/E ratio of -161.55 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The business had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company’s quarterly revenue was down 3.5% on a year-over-year basis. On average, analysts expect that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On Globalstar

A number of institutional investors have recently added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Globalstar during the fourth quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Globalstar in the fourth quarter worth about $27,000. Optiver Holding B.V. purchased a new position in Globalstar in the first quarter valued at about $32,000. US Bancorp DE grew its stake in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Globalstar during the 3rd quarter valued at approximately $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $69.00.

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.