Globalstar (NASDAQ:GSAT) Stock Price Down 6.6% – Here’s What Happened

Globalstar, Inc. (NASDAQ:GSAT) shares were down 6.6% on Tuesday . The stock traded as low as $64.26 and last traded at $64.51. Approximately 449,938 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 898,175 shares. The stock had previously closed at $69.05.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GSAT shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Globalstar in a research report on Tuesday, December 2nd. B. Riley upped their price target on shares of Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday. They set a “hold” rating and a $62.00 price objective for the company. Finally, Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.50.

Globalstar Trading Down 5.8%

The stock has a market cap of $8.25 billion, a P/E ratio of -141.35 and a beta of 1.08. The firm’s 50 day simple moving average is $54.97 and its two-hundred day simple moving average is $37.23. The company has a quick ratio of 2.46, a current ratio of 2.53 and a debt-to-equity ratio of 1.33.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. The business had revenue of $73.85 million during the quarter. During the same period in the prior year, the company earned $0.06 EPS. Globalstar’s quarterly revenue was up 2.1% on a year-over-year basis.

Insider Activity at Globalstar

In other news, CEO Paul E. Jacobs sold 53,479 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $34.95, for a total value of $1,869,091.05. Following the completion of the sale, the chief executive officer directly owned 58,895 shares of the company’s stock, valued at approximately $2,058,380.25. This represents a 47.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Rebecca Clary sold 1,221 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $67.88, for a total transaction of $82,881.48. Following the transaction, the chief financial officer owned 102,297 shares in the company, valued at $6,943,920.36. This represents a 1.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 98,712 shares of company stock worth $4,385,863 over the last ninety days. 61.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globalstar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. Acadian Asset Management LLC acquired a new position in shares of Globalstar during the 1st quarter valued at $99,000. Magnus Financial Group LLC grew its holdings in Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock worth $4,610,000 after acquiring an additional 3,333 shares during the period. Nordea Investment Management AB acquired a new position in Globalstar during the second quarter worth about $3,037,000. Y Intercept Hong Kong Ltd bought a new stake in Globalstar in the second quarter worth about $343,000. Finally, Palogic Value Management L.P. bought a new stake in Globalstar in the second quarter worth about $1,178,000. 18.89% of the stock is owned by institutional investors.

About Globalstar

Globalstar, Inc provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment.