Globalstar (NASDAQ:GSAT) CEO Paul Jacobs Sells 845 Shares

Globalstar, Inc. (NASDAQ:GSAT) CEO Paul Jacobs sold 845 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $65.80, for a total value of $55,601.00. Following the sale, the chief executive officer directly owned 58,830 shares in the company, valued at approximately $3,871,014. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Globalstar Stock Performance

Shares of NASDAQ:GSAT opened at $60.85 on Thursday. Globalstar, Inc. has a 1 year low of $17.24 and a 1 year high of $74.88. The stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of -132.28 and a beta of 1.10. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.53 and a quick ratio of 2.46. The company’s 50 day simple moving average is $61.26 and its 200 day simple moving average is $42.00.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02. The business had revenue of $73.85 million during the quarter. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. Globalstar’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.06 EPS.

Hedge Funds Weigh In On Globalstar

A number of institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in shares of Globalstar by 2.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 24,622 shares of the company’s stock valued at $896,000 after acquiring an additional 540 shares during the period. HighTower Advisors LLC grew its stake in shares of Globalstar by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 71,880 shares of the company’s stock valued at $2,616,000 after buying an additional 546 shares during the period. Cannell Capital LLC grew its stake in shares of 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 period. MRP Capital Investments LLC increased its position in Globalstar by 22.9% in the 3rd quarter. MRP Capital Investments LLC now owns 3,350 shares of the company’s stock valued at $122,000 after buying an additional 625 shares in the last quarter. Finally, CWM LLC raised its stake in Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after buying an additional 664 shares during the period. 18.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GSAT. Zacks Research downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Finally, B. Riley upped their target price on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Globalstar currently has a consensus rating of “Hold” and an average target price of $68.50.

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.