Rebecca Clary Sells 24,100 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 24,100 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $82.17, for a total transaction of $1,980,297.00. Following the completion of the transaction, the chief financial officer directly owned 96,540 shares in the company, valued at approximately $7,932,691.80. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Thursday, June 4th, Rebecca Clary sold 920 shares of Globalstar stock. The stock was sold at an average price of $81.75, for a total transaction of $75,210.00.

Globalstar Trading Up 0.8%

Shares of Globalstar stock traded up $0.64 on Monday, hitting $83.03. 751,894 shares of the company’s stock traded hands, compared to its average volume of 1,175,111. The firm’s 50-day moving average price is $80.84 and its two-hundred day moving average price is $74.08. 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 $10.76 billion, a PE ratio of -162.80 and a beta of 1.58. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85.

Globalstar (NASDAQ:GSAT) last posted its quarterly 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 company had revenue of $64.77 million during the quarter. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, research analysts expect that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Globalstar

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

Analyst Ratings Changes

GSAT has been the subject of several analyst reports. Zacks Research upgraded Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Globalstar has an average rating of “Hold” and an average price target of $69.00.

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.