Globalstar (NASDAQ:GSAT) Director Sells $1,639,436.04 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total transaction of $1,639,436.04. Following the completion of the transaction, the director owned 4,116 shares in the company, valued at $337,429.68. This represents a 82.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Globalstar Stock Down 0.4%

Shares of Globalstar stock traded down $0.29 during trading hours on Friday, hitting $81.76. 925,886 shares of the company’s stock traded hands, compared to its average volume of 1,151,045. The stock has a 50 day simple moving average of $81.12 and a 200-day simple moving average of $75.42. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The company has a market cap of $10.59 billion, a PE ratio of -160.31 and a beta of 1.58. Globalstar, Inc. has a twelve month low of $28.15 and a twelve month high of $84.85.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (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 business had revenue of $64.77 million for the quarter. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. Equities research analysts anticipate that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in Globalstar during the first quarter valued at approximately $99,000. Invesco Ltd. grew its position in shares of Globalstar by 13.8% in the 2nd quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock worth $672,000 after acquiring an additional 3,462 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Globalstar by 80.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock worth $123,000 after acquiring an additional 2,331 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Globalstar by 28.4% in the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after acquiring an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC increased its holdings in shares of Globalstar by 1.1% in the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after acquiring an additional 580 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

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.