Paul Jacobs Sells 845 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 845 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $65.80, for a total value of $55,601.00. Following the transaction, the chief executive officer owned 58,830 shares of the company’s stock, valued at $3,871,014. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Globalstar Stock Down 1.8%

GSAT stock opened at $59.76 on Friday. The company’s 50 day moving average price is $61.44 and its 200 day moving average price is $42.12. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of -129.91 and a beta of 1.10. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. B. Riley raised 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. Zacks Research lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. 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 MarketBeat.com, Globalstar has an average rating of “Hold” and an average price target of $68.50.

Institutional Trading of Globalstar

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

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.