Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 19,998 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of Globalstar stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $82.21, for a total value of $1,644,035.58. Following the completion of the sale, the director directly owned 4,116 shares in the company, valued at $338,376.36. This represents a 82.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Globalstar Price Performance

NASDAQ GSAT traded down $0.25 during mid-day trading on Monday, hitting $82.11. The stock had a trading volume of 496,942 shares, compared to its average volume of 1,160,152. The firm’s 50 day moving average is $81.00 and its 200 day moving average is $74.74. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. The stock has a market capitalization of $10.64 billion, a price-to-earnings ratio of -161.00 and a beta of 1.58. Globalstar, Inc. has a twelve month low of $26.44 and a twelve month high of $84.85.

Globalstar (NASDAQ:GSAT) last announced its 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). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business had revenue of $64.77 million for the quarter. The business’s revenue was down 3.5% on a year-over-year basis. Equities research analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Trading of Globalstar

Institutional investors have recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new position in Globalstar in the fourth quarter worth approximately $27,000. Optiver Holding B.V. acquired a new stake in Globalstar during the first quarter worth $32,000. US Bancorp DE raised its position in Globalstar by 610.7% in the third 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 purchased a new stake in Globalstar in the third quarter valued at $40,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

GSAT has been the subject of a number of recent research reports. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Wall Street Zen raised Globalstar to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Globalstar has an average rating of “Hold” and a consensus price target of $75.67.

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.