Globalstar, Inc. $GSAT Shares Sold by Robertson Stephens Wealth Management LLC

Key Points

• Robertson Stephens Wealth Management LLC has reduced its stake in Globalstar, Inc. (NASDAQ:GSAT) by 10.3%, now owning approximately 0.11% of the company, valued at around $3.39 million.
• Globalstar reported a quarterly earnings per share of $0.13, exceeding analysts' expectations by $0.22, while the company’s revenue for the quarter was $67.15 million.
• Insider sales included CFO Rebecca Clary selling 2,100 shares and CEO Paul E. Jacobs selling 53,479 shares, indicating a significant decrease in their ownership percentages.

Robertson Stephens Wealth Management LLC lessened its stake in shares of Globalstar, Inc. (NASDAQ:GSAT - Free Report) by 10.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,129 shares of the company's stock after selling 16,566 shares during the quarter. Robertson Stephens Wealth Management LLC owned about 0.11% of Globalstar worth $3,394,000 at the end of the most recent reporting period.

Separately, Acadian Asset Management LLC acquired a new stake in Globalstar in the 1st quarter valued at about $99,000. 18.89% of the stock is currently owned by institutional investors.

Globalstar Price Performance

NASDAQ:GSAT opened at $47.06 on Friday. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. Globalstar, Inc. has a fifty-two week low of $15.00 and a fifty-two week high of $47.32. The firm's 50-day simple moving average is $31.95. The stock has a market cap of $5.96 billion, a PE ratio of -104.58 and a beta of 0.99.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.22. Globalstar had a negative net margin of 17.80% and a negative return on equity of 1.17%. The firm had revenue of $67.15 million for the quarter. Globalstar has set its FY 2025 guidance at EPS.

Insiders Place Their Bets

In other Globalstar news, CFO Rebecca Clary sold 2,100 shares of the business's stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $35.01, for a total value of $73,521.00. Following the completion of the sale, the chief financial officer directly owned 105,661 shares of the company's stock, valued at $3,699,191.61. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Paul E. Jacobs sold 53,479 shares of the stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $34.95, for a total transaction of $1,869,091.05. Following the transaction, the chief executive officer directly owned 58,895 shares in the company, valued at $2,058,380.25. The trade was a 47.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,605 shares of company stock valued at $3,758,155 over the last ninety days. Corporate insiders own 61.00% of the company's stock.

Analysts Set New Price Targets

GSAT has been the subject of several research reports. Wall Street Zen upgraded shares of Globalstar from a "sell" rating to a "hold" rating in a research report on Monday, June 23rd. Zacks Research cut Globalstar from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Globalstar in a report on Wednesday. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Globalstar currently has a consensus rating of "Reduce".

Globalstar Profile

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.

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