Globalstar (NASDAQ:GSAT) Shares Down 9.9% - Time to Sell?

Key Points

• Globalstar's shares declined by 9.9%, closing at $33.27, following a drop from a previous closure of $36.91, with trading volume also down by 18%.
• Despite the recent decline, several analysts have maintained a positive outlook, with Zacks Research upgrading Globalstar to a "strong-buy" rating.
• Globalstar reported better-than-expected earnings of $0.13 per share for the last quarter, surpassing the consensus estimate of ($0.09).

Shares of Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) were down 9.9% on Wednesday . The stock traded as low as $32.62 and last traded at $33.27. Approximately 637,304 shares were traded during trading, a decline of 18% from the average daily volume of 778,014 shares. The stock had previously closed at $36.91.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GSAT shares. Zacks Research upgraded Globalstar to a "strong-buy" rating in a report on Monday, August 11th. Wall Street Zen upgraded Globalstar from a "sell" rating to a "hold" rating in a report on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, Globalstar has a consensus rating of "Strong Buy".

Globalstar Stock Up 4.1%

The company has a market cap of $3.95 billion, a price-to-earnings ratio of -69.27 and a beta of 1.00. The company has a current ratio of 2.81, a quick ratio of 2.72 and a debt-to-equity ratio of 1.30. The stock has a fifty day moving average price of $27.52.

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

Insider Transactions at Globalstar

In related news, VP Timothy Evan Taylor sold 26,334 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $805,030.38. Following the sale, the vice president owned 320,244 shares in the company, valued at approximately $9,789,859.08. This represents a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 60.76% of the company's stock.

Hedge Funds Weigh In On Globalstar

A number of institutional investors have recently bought and sold shares of GSAT. Acadian Asset Management LLC acquired a new position in Globalstar during the first quarter worth approximately $99,000. Magnus Financial Group LLC increased its position in Globalstar by 1.7% during the second quarter. Magnus Financial Group LLC now owns 195,745 shares of the company's stock worth $4,610,000 after buying an additional 3,333 shares during the last quarter. Nordea Investment Management AB acquired a new position in Globalstar during the second quarter worth approximately $3,037,000. Y Intercept Hong Kong Ltd acquired a new position in Globalstar during the second quarter worth approximately $343,000. Finally, Palogic Value Management L.P. acquired a new position in Globalstar during the second quarter worth approximately $1,178,000. Institutional investors and hedge funds own 18.89% of the company's stock.

Globalstar Company 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.