Globalstar (NASDAQ:GSAT) Stock: Insider Timothy Evan Taylor Sells 90,000 Shares

Globalstar, Inc. (NASDAQ:GSAT) VP Timothy Taylor sold 90,000 shares of the company’s stock in a transaction dated Thursday, November 12th. The stock was sold at an average price of $86.30, for a total value of $7,767,000.00. Following the sale, the vice president owned 80,244 shares in the company, valued at $6,925,057.20. The trade was a 52.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Timothy Evan Taylor also recently made the following trade(s):

• On Wednesday, November 11th, Timothy Taylor sold 19,998 shares of Globalstar stock. The shares were sold at an average price of $86.16, for a total value of $1,723,027.68.

Globalstar Stock Up 0.1%

GSAT stock traded up $0.05 during mid-day trading on Friday, reaching $86.29. The company had a trading volume of 820,728 shares, compared to its average volume of 1,053,990. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.59 and a quick ratio of 1.54. The stock has a 50 day simple moving average of $83.15 and a two-hundred day simple moving average of $76.81. The company has a market capitalization of $11.18 billion, a price-to-earnings ratio of -134.83 and a beta of 1.52. Globalstar, Inc. has a 52 week low of $53.67 and a 52 week high of $86.96.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $70.90 million for the quarter. Globalstar had a negative return on equity of 23.10% and a negative net margin of 28.53%. As a group, equities analysts predict that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. bought a new stake in shares of Globalstar during the 3rd quarter valued at approximately $27,000. Fifth Third Bancorp acquired a new position in Globalstar during the 3rd quarter worth approximately $29,000. Optiver Holding B.V. bought a new position in Globalstar in the 1st quarter valued at approximately $32,000. Parallel Advisors LLC lifted its stake in Globalstar by 114.1% in the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in Globalstar by 879.5% in the second quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock valued at $62,000 after buying an additional 686 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Craig Hallum downgraded shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a report on Tuesday, August 18th. Weiss Ratings lowered shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a research report on Tuesday, September 22nd. Finally, Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $76.00.

About Globalstar

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.