Globalstar (NASDAQ:GSAT) Stock: Insider Timothy Evan Taylor Sells 90,000 Shares

Globalstar, Inc. (NASDAQ:GSAT) VP Timothy Taylor sold 90,000 shares of the stock in a transaction dated Thursday, November 12th. The stock was sold at an average price of $86.30, for a total value of $7,767,000.00. Following the sale, the vice president directly owned 80,244 shares in the company, valued at $6,925,057.20. This trade represents a 52.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Timothy Evan Taylor also recently made the following trade(s):

• On Wednesday, November 11th, Timothy Taylor sold 19,998 shares of Globalstar stock. The stock was sold at an average price of $86.16, for a total value of $1,723,027.68.

Globalstar Price Performance

GSAT stock traded up $0.05 during mid-day trading on Friday, reaching $86.29. 820,728 shares of the company traded hands, compared to its average volume of 1,036,561. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.59 and a quick ratio of 1.54. The company has a market capitalization of $11.18 billion, a P/E ratio of -134.83 and a beta of 1.52. Globalstar, Inc. has a 52-week low of $53.67 and a 52-week high of $86.96. The company has a fifty day moving average price of $83.24 and a 200-day moving average price of $76.92.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. Craig Hallum lowered shares of 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. Weiss Ratings cut shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Finally, Wall Street Zen raised shares of Globalstar from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $76.00.

More Globalstar News

Here’s some of the latest news about GSAT:

• 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

Institutional Trading of Globalstar

A number of large investors have recently modified their holdings of the business. Sculptor Capital LP purchased a new stake in shares of Globalstar during the 1st quarter valued at $15,742,000. Governors Lane LP bought a new stake in shares of Globalstar during the 2nd quarter worth $3,016,000. Nisa Investment Advisors LLC lifted its holdings in shares of Globalstar by 923.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 18,430 shares of the company’s stock worth $1,528,000 after acquiring an additional 16,629 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in Globalstar in the second quarter worth $975,000. Finally, Dimensional Fund Advisors LP grew its position in Globalstar by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock worth $15,363,000 after acquiring an additional 16,009 shares in the last quarter. Institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

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.