James Lynch Sells 110,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Lynch sold 110,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $81.78, for a total transaction of $8,995,800.00. Following the completion of the transaction, the director directly owned 712,714 shares of the company’s stock, valued at approximately $58,285,750.92. The trade was a 13.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Globalstar Stock Down 0.3%

Shares of Globalstar stock traded down $0.21 during trading hours on Wednesday, reaching $81.82. 697,491 shares of the company were exchanged, compared to its average volume of 1,154,552. The stock’s fifty day moving average is $81.05 and its 200 day moving average is $75.05. 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, Inc. has a 1 year low of $27.64 and a 1 year high of $84.85. The firm has a market cap of $10.60 billion, a PE ratio of -160.43 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last released 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% compared to the same quarter last year. As a group, equities research analysts forecast that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Globalstar in the fourth quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new position in shares of Globalstar during the fourth quarter worth about $27,000. Optiver Holding B.V. acquired a new position in Globalstar in the 1st quarter valued at about $32,000. US Bancorp DE raised its stake in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Globalstar during the 3rd quarter valued at approximately $40,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.