Globalstar (NASDAQ:GSAT) VP Timothy Evan Taylor Sells 75,000 Shares

Globalstar, Inc. (NASDAQ:GSAT) VP Timothy Evan Taylor sold 75,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total value of $6,236,250.00. Following the transaction, the vice president directly owned 245,244 shares in the company, valued at $20,392,038.60. This represents a 23.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Globalstar Price Performance

NASDAQ GSAT opened at $82.61 on Friday. The company has a market cap of $10.70 billion, a PE ratio of -161.98 and a beta of 1.58. 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 firm’s 50-day simple moving average is $80.82 and its two-hundred day simple moving average is $73.92. Globalstar, Inc. has a 52 week low of $24.37 and a 52 week high of $84.85.

Globalstar (NASDAQ:GSAT) last posted its quarterly 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 during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. Research analysts predict that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Institutional Investors Weigh In On Globalstar

Several hedge funds have recently bought and sold shares of GSAT. PNC Financial Services Group Inc. increased its holdings in shares of Globalstar by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after buying an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC raised its position in shares of Globalstar by 4.6% during the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after buying an additional 160 shares in the last quarter. Clearstead Trust LLC lifted its holdings in shares of Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after acquiring an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar during the 4th quarter worth $26,000. Finally, NewEdge Advisors LLC grew its position in Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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