Globalstar (NASDAQ:GSAT) CFO Sells $75,210.00 in Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 920 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the sale, the chief financial officer directly owned 120,278 shares in the company, valued at $9,832,726.50. This trade represents a 0.76% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rebecca Clary also recently made the following trade(s):

• On Tuesday, April 28th, Rebecca Clary sold 4,066 shares of Globalstar stock. The shares were sold at an average price of $81.24, for a total value of $330,321.84.
• On Wednesday, April 15th, Rebecca Clary sold 4,037 shares of Globalstar stock. The shares were sold at an average price of $79.85, for a total value of $322,354.45.
• On Wednesday, March 11th, Rebecca Clary sold 762 shares of Globalstar stock. The shares were sold at an average price of $57.31, for a total value of $43,670.22.
• On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The shares were sold at an average price of $55.38, for a total value of $19,438.38.

Globalstar Stock Up 1.3%

NASDAQ:GSAT traded up $1.06 during trading hours on Thursday, hitting $82.66. 1,106,180 shares of the company’s stock traded hands, compared to its average volume of 1,136,878. The firm has a market cap of $10.65 billion, a P/E ratio of -551.08 and a beta of 1.55. Globalstar, Inc. has a twelve month low of $19.27 and a twelve month high of $84.69. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60. The stock’s fifty day moving average price is $78.74 and its two-hundred day moving average price is $67.64.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.14). The business had revenue of $70.06 million for the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, research analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar during the 4th quarter worth about $26,000. Meeder Asset Management Inc. bought a new stake in shares of Globalstar during the 4th quarter worth about $27,000. Optiver Holding B.V. bought a new stake in Globalstar during the 1st quarter valued at approximately $32,000. US Bancorp DE boosted its stake in Globalstar by 610.7% during 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 period. Finally, Advisory Services Network LLC bought a new stake in Globalstar during the 3rd quarter valued at approximately $40,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GSAT has been the topic of several recent analyst reports. Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $70.00 target price on shares of Globalstar in a research report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average 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.