Globalstar (NASDAQ:GSAT) Director Sells $2,721,228.09 in Stock

Key Points

• Globalstar Director Benjamin Wolff sold 32,711 shares at an average price of $83.19, generating $2.72 million. His remaining stake fell 88.82% to 4,116 shares.
• GSAT shares slipped 0.4% to $83.22, near the company’s 12-month high of $84.85, while its market capitalization stood at $10.78 billion.
• Globalstar reported a quarterly loss of $0.23 per share, missing expectations by $0.14, as revenue declined 3.5% year over year to $64.77 million. Analysts’ average rating is Hold, with a consensus price target of $69.00.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director Benjamin Wolff sold 32,711 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $83.19, for a total transaction of $2,721,228.09. Following the completion of the sale, the director owned 4,116 shares in the company, valued at $342,410.04. This represents a 88.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Globalstar Stock Down 0.4%

GSAT stock 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. Globalstar, Inc. has a 12-month low of $24.37 and a 12-month high of $84.85. The stock has a market cap of $10.78 billion, a P/E ratio of -163.18 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The firm has a 50 day moving average price of $80.79 and a two-hundred day moving average price of $73.67.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced its quarterly earnings data 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). 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%.Globalstar's revenue was down 3.5% compared to the same quarter last year. As a group, equities research analysts expect that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently bought and sold shares of GSAT. PNC Financial Services Group Inc. grew its position in Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock worth $1,733,000 after acquiring an additional 144 shares during the period. Clay Northam Wealth Management LLC raised its position in Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock valued at $241,000 after purchasing an additional 160 shares during the period. Clearstead Trust LLC raised its position in Globalstar by 20.7% in the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock valued at $130,000 after purchasing an additional 366 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Globalstar in the 4th quarter valued at $26,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company's stock valued at $57,000 after purchasing an additional 430 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company's stock.

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.

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