Insider Selling: Globalstar (NASDAQ:GSAT) Director Sells $2,721,228.09 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 32,711 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $83.19, for a total transaction of $2,721,228.09. Following the completion of the transaction, the director owned 4,116 shares of the company’s stock, valued at approximately $342,410.04. The trade was a 88.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Globalstar Price Performance

Shares of NASDAQ:GSAT opened at $82.39 on Friday. Globalstar, Inc. has a 12 month low of $24.37 and a 12 month high of $84.85. The firm has a market capitalization of $10.67 billion, a P/E ratio of -161.55 and a beta of 1.58. 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 company’s fifty day moving average price is $80.84 and its 200 day moving average price is $73.98.

Globalstar (NASDAQ:GSAT) last posted its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business’s revenue was down 3.5% on a year-over-year basis. As a group, sell-side analysts predict that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.00.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently modified their holdings of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar in the fourth quarter valued at $27,000. Optiver Holding B.V. acquired a new position in shares of Globalstar during the 1st quarter worth $32,000. US Bancorp DE raised its stake in shares of Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Globalstar in the 3rd quarter worth about $40,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.