Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 32,711 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 32,711 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $83.19, for a total value of $2,721,228.09. Following the transaction, the director owned 4,116 shares in the company, valued at approximately $342,410.04. This represents a 88.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Globalstar Stock Performance

GSAT stock opened at $83.22 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. The business has a 50-day moving average price of $80.82 and a 200 day moving average price of $73.80. The company has a market capitalization of $10.78 billion, a P/E ratio of -163.18 and a beta of 1.58. Globalstar, Inc. has a 1-year low of $24.37 and a 1-year high of $84.85.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The business had revenue of $64.77 million for the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company’s revenue was down 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ashford Capital Management Inc. lifted its position in Globalstar by 3.8% during the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock valued at $51,285,000 after acquiring an additional 51,703 shares during the last quarter. State Street Corp grew its holdings in Globalstar by 2.4% in the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock worth $82,030,000 after purchasing an additional 31,977 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Globalstar by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after purchasing an additional 4,799 shares in the last quarter. Senvest Management LLC increased its position in shares of Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after purchasing an additional 188,325 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Globalstar by 19.5% during the 4th quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock valued at $35,684,000 after purchasing an additional 95,275 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar News Summary

Here are the key news stories impacting Globalstar this week:

• Positive Sentiment: Institutional investors have continued building positions. Bank of New York Mellon acquired approximately $13.2 million of Globalstar shares in the second quarter, while Handelsbanken Fonder, Edgestream Partners and Janus Henderson also increased their holdings. Institutions own about 18.9% of the company.
• Neutral Sentiment: Reported short interest was zero shares as of August 11, indicating that short sellers are not a meaningful source of current trading pressure. However, the data also provides little indication of potential short-covering support.
• Negative Sentiment: Director Benjamin G. Wolff sold 32,711 shares for approximately $2.72 million on August 12 and another 24,000 shares for about $2.00 million on August 11, reducing his position by roughly 88.8% and 39.5%, respectively. General Counsel L. Barbee IV Ponder also sold 4,720 shares for $394,214 on August 11, following a 12,045-share sale worth approximately $1.00 million on August 7. The transactions could weigh on sentiment because they occurred while GSAT was trading near its 52-week high. Globalstar insider sale SEC filing
• Negative Sentiment: Globalstar’s latest quarterly results remain a fundamental concern: the company reported a $0.23 per-share loss versus the $0.09 consensus loss, revenue declined 3.5% year over year to $64.77 million, and analysts expect a full-year loss of $0.38 per share. The consensus analyst rating is “Hold,” with a $69 price target—well below the stock’s recent level—while Wall Street Zen recently assigned a “Sell” rating.

Analysts Set New Price Targets

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

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.