Globalstar (NASDAQ:GSAT) Issues Quarterly Earnings Results

Globalstar (NASDAQ:GSAT) issued its quarterly earnings results on Thursday. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14), FiscalAI reports. Globalstar had a negative return on equity of 15.93% 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% on a year-over-year basis.

Globalstar Trading Up 0.2%

Shares of GSAT traded up $0.16 during mid-day trading on Friday, reaching $83.40. The stock had a trading volume of 1,030,708 shares, compared to its average volume of 1,092,418. Globalstar has a 52-week low of $24.37 and a 52-week high of $84.85. The firm has a market cap of $10.74 billion, a price-to-earnings ratio of -163.53 and a beta of 1.58. The business’s fifty day moving average is $80.74 and its 200 day moving average is $73.25. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, CFO Rebecca Clary sold 920 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were 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 of the company’s stock, valued at approximately $9,832,726.50. The trade was a 0.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 60.00% of the company’s stock.

Institutional Trading of Globalstar

Several hedge funds have recently added to or reduced their stakes in GSAT. UBS Group AG boosted its holdings in shares of Globalstar by 166.9% in the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after buying an additional 329,270 shares during the period. Defiance ETFs LLC acquired a new stake in Globalstar during the fourth quarter worth about $19,461,000. Sculptor Capital LP acquired a new stake in Globalstar during the first quarter worth about $15,742,000. Senvest Management LLC lifted its holdings in Globalstar by 27.7% in the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after acquiring an additional 188,325 shares during the last quarter. Finally, First Trust Advisors LP bought a new position in Globalstar in the fourth quarter worth about $11,471,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

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.