Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 24,000 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 24,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $83.54, for a total transaction of $2,004,960.00. Following the sale, the director owned 36,827 shares of the company’s stock, valued at $3,076,527.58. This trade represents a 39.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Globalstar Price Performance

NASDAQ:GSAT opened at $83.22 on Thursday. The firm has a market cap of $10.78 billion, a PE ratio of -163.18 and a beta of 1.58. Globalstar, Inc. has a 12 month low of $24.37 and a 12 month high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The company’s 50-day moving average price is $80.82 and its two-hundred day moving average price is $73.80.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm 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. On average, equities analysts anticipate that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Trending Headlines about Globalstar

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.

Hedge Funds Weigh In On Globalstar

A number of large investors have recently bought and sold shares of GSAT. Acadian Asset Management LLC bought a new stake in shares of Globalstar in the first quarter worth $99,000. Invesco Ltd. grew its position in Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after purchasing an additional 3,462 shares in the last quarter. BNP Paribas Financial Markets grew its position in Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares in the last quarter. Corient Private Wealth LLC increased its stake in Globalstar by 28.4% in the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after buying an additional 3,334 shares during the last quarter. Finally, Cannell Capital LLC increased its stake in Globalstar by 1.1% in the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after buying an additional 580 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GSAT. Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently 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.