Globalstar (NASDAQ:GSAT) Director Sells $29,839,232.00 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Lynch sold 361,600 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $82.52, for a total value of $29,839,232.00. Following the completion of the sale, the director directly owned 351,114 shares of the company’s stock, valued at approximately $28,973,927.28. This represents a 50.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Globalstar Trading Down 0.0%

GSAT stock opened at $82.50 on Thursday. The company has a market capitalization of $10.69 billion, a PE ratio of -161.76 and a beta of 1.51. Globalstar, Inc. has a one year low of $33.90 and a one year high of $84.85. The company’s 50 day moving average price is $81.81 and its two-hundred day moving average price is $78.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $64.77 million during the quarter. Globalstar’s revenue was down 3.5% on a year-over-year basis. As a group, analysts predict that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GSAT. Weiss Ratings lowered shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research report on Tuesday. Wall Street Zen raised Globalstar to a “sell” rating in a research note on Saturday, August 8th. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Finally, Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $75.67.

Institutional Investors Weigh In On Globalstar

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Globalstar by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock worth $78,331,000 after acquiring an additional 4,799 shares during the last quarter. Senvest Management LLC raised its stake in shares of Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after acquiring an additional 188,325 shares during the last quarter. Sculptor Capital LP purchased a new stake in shares of Globalstar during the first quarter worth about $15,742,000. Dimensional Fund Advisors LP boosted its holdings in shares of Globalstar by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock worth $15,363,000 after purchasing an additional 16,009 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Globalstar in the second quarter worth about $13,233,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.