Globalstar (NASDAQ:GSAT) Posts Earnings Results, Misses Expectations By $0.14 EPS

Globalstar (NASDAQ:GSAT) posted its earnings results on Thursday. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.14), FiscalAI reports. The company had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.71%. Globalstar’s quarterly revenue was up 16.7% on a year-over-year basis.

Globalstar Stock Performance

Shares of Globalstar stock traded up $0.61 on Friday, reaching $82.09. 929,035 shares of the stock were exchanged, compared to its average volume of 2,146,020. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The business has a fifty day moving average price of $69.50 and a two-hundred day moving average price of $63.08. Globalstar has a 1-year low of $17.24 and a 1-year high of $82.85. The firm has a market capitalization of $10.56 billion, a PE ratio of -547.27, a PEG ratio of 133.03 and a beta of 1.56.

Insider Buying and Selling at Globalstar

In other Globalstar news, CFO Rebecca Clary sold 4,066 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84. Following the sale, the chief financial officer directly owned 121,198 shares in the company, valued at approximately $9,846,125.52. The trade was a 3.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Paul E. Jacobs sold 714 shares of the business’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $59.56, for a total transaction of $42,525.84. Following the sale, the chief executive officer directly owned 67,032 shares in the company, valued at approximately $3,992,425.92. This represents a 1.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 12,257 shares of company stock valued at $890,722. 60.00% of the stock is owned by company insiders.

Institutional Trading of Globalstar

Several large investors have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in Globalstar during the 4th quarter worth about $26,000. Meeder Asset Management Inc. purchased a new position in shares of Globalstar in the 4th quarter worth $27,000. US Bancorp DE raised 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 worth $34,000 after purchasing an additional 800 shares during the period. Advisory Services Network LLC acquired a new position in Globalstar during the third quarter valued at approximately $40,000. Finally, CWM LLC lifted its holdings in shares of Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after acquiring an additional 664 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on GSAT shares. Weiss Ratings upgraded shares of Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Finally, Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.