Globalstar (NASDAQ:GSAT) Stock: Insider Rebecca Clary Sells 23,250 Shares

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 23,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $86.13, for a total transaction of $2,002,522.50. Following the transaction, the chief financial officer directly owned 73,290 shares of the company’s stock, valued at $6,312,467.70. This trade represents a 24.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Friday, August 14th, Rebecca Clary sold 24,100 shares of Globalstar stock. The stock was sold at an average price of $82.17, for a total transaction of $1,980,297.00.

Globalstar Trading Up 0.1%

Shares of GSAT opened at $86.29 on Friday. The company’s fifty day moving average is $83.24 and its two-hundred day moving average is $76.92. Globalstar, Inc. has a fifty-two week low of $53.67 and a fifty-two week high of $86.96. The company has a current ratio of 1.59, a quick ratio of 1.54 and a debt-to-equity ratio of 1.06.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $70.90 million for the quarter. Globalstar had a negative net margin of 28.53% and a negative return on equity of 23.10%. Equities analysts predict that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. purchased a new position in shares of Globalstar in the 3rd quarter valued at $27,000. Fifth Third Bancorp acquired a new position in shares of Globalstar during the 3rd quarter valued at $29,000. Optiver Holding B.V. purchased a new stake in Globalstar during the 1st quarter worth $32,000. Parallel Advisors LLC boosted its position in Globalstar by 114.1% during the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares during the period. Finally, Parkside Financial Bank & Trust boosted its position in Globalstar by 879.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock worth $62,000 after purchasing an additional 686 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GSAT shares. Craig Hallum downgraded Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target for the company. in a research report on Tuesday, August 18th. Wall Street Zen upgraded Globalstar from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Finally, Weiss Ratings lowered Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Four investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $76.00.

Key Stories Impacting Globalstar

These are some of the GSAT stories that stood out recently:

• Negative Sentiment: Several executives sold shares: VP Timothy Taylor sold a reported 90,000 shares on November 12 and 19,998 shares on November 11; CFO Rebecca Clary sold 23,250 shares; and General Counsel L. Ponder IV sold 2,308 shares. The cluster of insider selling could weigh on sentiment, although the filings do not explain the sellers’ motives. Insider trading report CFO sale report
• Negative Sentiment: Analyst coverage is cautious: the cited consensus target is about $75.67, below the share price near $86, and the ratings summary characterizes the consensus as “Reduce.” This valuation gap may temper investor enthusiasm. Analyst price target report

About Globalstar

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.