Globalstar (NASDAQ:GSAT) Director Sells $1,644,035.58 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $82.21, for a total value of $1,644,035.58. Following the transaction, the director directly owned 4,116 shares of the company’s stock, valued at $338,376.36. The trade was a 82.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Globalstar Stock Down 0.3%

Shares of NASDAQ:GSAT opened at $81.82 on Thursday. 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 $27.64 and a 52-week high of $84.85. The stock’s fifty day simple moving average is $81.09 and its 200-day simple moving average is $75.25. The company has a market capitalization of $10.60 billion, a P/E ratio of -160.43 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company had revenue of $64.77 million for the quarter. Globalstar’s revenue was down 3.5% on a year-over-year basis. As a group, equities research analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in Globalstar in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new position in Globalstar during the fourth quarter worth approximately $27,000. Optiver Holding B.V. acquired a new position in shares of Globalstar in the 1st quarter valued at $32,000. US Bancorp DE boosted its holdings in shares of Globalstar by 610.7% in 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 during the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Globalstar by 85.1% during the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after buying an additional 430 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GSAT has been the subject of a number of recent research reports. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. Zacks Research cut shares of Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Craig Hallum lowered Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Globalstar presently has a consensus rating of “Hold” and a consensus price target of $75.67.

About Globalstar

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.