Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 24,000 Shares

Key Points

• Globalstar director Benjamin Wolff sold 24,000 shares at an average price of $83.54, generating approximately $2.00 million. The transaction reduced his direct holdings by 39.46% to 36,827 shares.
• Globalstar shares closed at $83.22, near their 52-week high of $84.85, with a market capitalization of $10.78 billion. The stock trades above both its 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.23 per share, missing the consensus estimate of a $0.09 loss, while revenue fell 3.5% year over year to $64.77 million. Analysts maintain a consensus “Hold” rating with a $69 price target.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director Benjamin Wolff sold 24,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $83.54, for a total transaction of $2,004,960.00. Following the sale, the director directly owned 36,827 shares of the company's stock, valued at approximately $3,076,527.58. This trade represents a 39.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Globalstar Price Performance

NASDAQ GSAT traded down $0.34 on Wednesday, hitting $83.22. 739,377 shares of the company's stock were exchanged, compared to its average volume of 1,184,723. The stock has a 50-day moving average of $80.79 and a 200-day moving average of $73.67. The stock has a market cap of $10.78 billion, a price-to-earnings ratio of -163.18 and a beta of 1.58. Globalstar, Inc. has a 52 week low of $24.37 and a 52 week high of $84.85. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business had revenue of $64.77 million during the quarter. The business's revenue for the quarter was down 3.5% on a year-over-year basis. Analysts expect that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Zacks Research upgraded Globalstar from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 7th. Clear Str lowered shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Globalstar has a consensus rating of "Hold" and a consensus price target of $69.00.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of GSAT. Acadian Asset Management LLC bought a new position in shares of Globalstar in the 1st quarter worth $99,000. Invesco Ltd. raised its holdings in Globalstar by 13.8% during the second quarter. Invesco Ltd. now owns 28,527 shares of the company's stock worth $672,000 after buying an additional 3,462 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Globalstar by 80.9% during the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company's stock worth $123,000 after buying an additional 2,331 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company's stock valued at $355,000 after buying an additional 3,334 shares in the last quarter. Finally, Cannell Capital LLC grew its holdings in shares of Globalstar by 1.1% during the second quarter. Cannell Capital LLC now owns 51,320 shares of the company's stock valued at $1,209,000 after buying an additional 580 shares during the last quarter. Institutional investors own 18.89% of the company's stock.

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.

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