Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 19,998 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $82.21, for a total transaction of $1,644,035.58. Following the sale, the director owned 4,116 shares of the company’s stock, valued at $338,376.36. This trade represents a 82.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Globalstar Price Performance

Globalstar stock opened at $82.11 on Tuesday. Globalstar, Inc. has a 12 month low of $26.44 and a 12 month high of $84.85. The stock’s 50 day moving average is $81.00 and its 200-day moving average is $74.88. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $10.64 billion, a price-to-earnings ratio of -161.00 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share 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 for the quarter was down 3.5% on a year-over-year basis. Equities research analysts expect that Globalstar, Inc. will post -0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GSAT shares. Craig Hallum cut shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price for the company. in a research report on Tuesday, August 18th. Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Wall Street Zen raised shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Globalstar has an average rating of “Hold” and a consensus price target of $75.67.

Institutional Trading of Globalstar

A number of hedge funds have recently added to or reduced their stakes in GSAT. California State Teachers Retirement System raised its position in shares of Globalstar by 9,143.6% during the second quarter. California State Teachers Retirement System now owns 5,506,585 shares of the company’s stock worth $447,630,000 after acquiring an additional 5,447,013 shares during the last quarter. UBS Group AG boosted its holdings in Globalstar by 166.9% in the fourth quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after acquiring an additional 329,270 shares during the last quarter. Defiance ETFs LLC acquired a new stake in Globalstar during the 4th quarter valued at approximately $19,461,000. Sculptor Capital LP acquired a new stake in Globalstar during the 1st quarter valued at approximately $15,742,000. Finally, Senvest Management LLC raised 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 purchasing an additional 188,325 shares during the last quarter. Institutional investors and hedge funds 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.