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 stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $83.19, for a total transaction of $2,721,228.09. Following the transaction, the director directly owned 4,116 shares of the company’s stock, valued at approximately $342,410.04. This trade represents a 88.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Globalstar Trading Down 0.4%

Shares of GSAT traded down $0.34 during trading on Wednesday, reaching $83.22. 739,377 shares of the company traded hands, compared to its average volume of 1,184,723. The stock has a 50-day simple moving average of $80.79 and a 200-day simple moving average of $73.67. The stock has a market cap of $10.78 billion, a PE ratio of -163.18 and a beta of 1.58. Globalstar, Inc. has a twelve month low of $24.37 and a twelve month high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The company had revenue of $64.77 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, analysts anticipate that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Globalstar

Several large investors have recently bought and sold shares of GSAT. Ashford Capital Management Inc. grew its position in shares of Globalstar by 3.8% during the third quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after buying an additional 51,703 shares in the last quarter. State Street Corp lifted its stake in Globalstar by 2.4% in the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock worth $82,030,000 after acquiring an additional 31,977 shares during the last quarter. Geode Capital Management LLC lifted its stake in Globalstar by 0.4% in the fourth 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 grew its holdings in Globalstar by 27.7% during the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after acquiring an additional 188,325 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Globalstar by 19.5% in the 4th quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock valued at $35,684,000 after purchasing an additional 95,275 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

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.