Timothy Evan Taylor Sells 75,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) VP Timothy Evan Taylor sold 75,000 shares of Globalstar stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $83.15, for a total transaction of $6,236,250.00. Following the completion of the transaction, the vice president directly owned 245,244 shares in the company, valued at approximately $20,392,038.60. This represents a 23.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Globalstar Stock Performance

Shares of NASDAQ GSAT traded down $0.61 during trading hours on Thursday, hitting $82.61. 693,279 shares of the stock were exchanged, compared to its average volume of 1,181,534. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. The company’s 50 day moving average is $80.82 and its 200 day moving average is $73.80. The firm has a market capitalization of $10.70 billion, a P/E ratio of -161.98 and a beta of 1.58. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm 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 quarterly revenue was down 3.5% on a year-over-year basis. On average, research analysts expect that Globalstar, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Globalstar

Large investors have recently added to or reduced their stakes in the company. Ashford Capital Management Inc. lifted its position in shares of Globalstar by 3.8% in the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after acquiring an additional 51,703 shares during the period. State Street Corp raised its stake in shares of Globalstar by 2.4% in the fourth quarter. State Street Corp now owns 1,343,869 shares of the company’s stock valued at $82,030,000 after purchasing an additional 31,977 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Globalstar by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,283,093 shares of the company’s stock valued at $78,331,000 after purchasing an additional 4,799 shares in the last quarter. Senvest Management LLC lifted its position in Globalstar by 27.7% in the first 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 period. Finally, Van ECK Associates Corp lifted its position in Globalstar by 19.5% in the fourth quarter. Van ECK Associates Corp now owns 584,601 shares of the company’s stock worth $35,684,000 after purchasing an additional 95,275 shares during the period. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Globalstar presently has a consensus rating of “Hold” and an average price target of $69.00.

About Globalstar

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.