Globalstar (NASDAQ:GSAT) Trading Up 7.8% - Here's What Happened

Key Points

• Globalstar's stock increased by 7.8%, trading at $45.35, despite a 47% decline in its average daily trading volume.
• A number of research firms have recently dropped their ratings on Globalstar, with Zacks lowering it from "strong-buy" to "hold" and Weiss Ratings issuing a "sell" rating.
• Insider sales have been reported, with VP Timothy Evan Taylor and CFO Rebecca Clary selling significant shares in recent weeks, indicating a reduction in their ownership stakes.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report)'s stock price was up 7.8% during trading on Thursday . The stock traded as high as $45.89 and last traded at $45.35. Approximately 441,886 shares traded hands during trading, a decline of 47% from the average daily volume of 841,227 shares. The stock had previously closed at $42.06.

Analysts Set New Price Targets

A number of research firms recently issued reports on GSAT. Zacks Research lowered Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Globalstar in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

Globalstar Stock Performance

The firm has a market cap of $5.70 billion, a P/E ratio of -100.02 and a beta of 0.99. The firm has a 50 day simple moving average of $35.13. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.72 and a current ratio of 2.81.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter. Globalstar has set its FY 2025 guidance at EPS.

Insider Activity at Globalstar

In other Globalstar news, VP Timothy Evan Taylor sold 26,334 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $805,030.38. Following the transaction, the vice president owned 320,244 shares in the company, valued at $9,789,859.08. This trade represents a 7.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Rebecca Clary sold 5,359 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $29.75, for a total transaction of $159,430.25. Following the sale, the chief financial officer directly owned 107,761 shares of the company's stock, valued at approximately $3,205,889.75. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,938 shares of company stock valued at $3,950,670. Corporate insiders own 61.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GSAT. Fortitude Family Office LLC acquired a new position in Globalstar during the 3rd quarter worth $37,000. Dakota Community Bank & Trust NA bought a new position in shares of Globalstar in the third quarter worth about $46,000. CWM LLC grew its holdings in Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company's stock valued at $48,000 after buying an additional 664 shares during the last quarter. MRP Capital Investments LLC acquired a new stake in Globalstar in the 2nd quarter valued at approximately $64,000. Finally, Osaic Holdings Inc. grew its holdings in Globalstar by 640.4% in the 2nd quarter. Osaic Holdings Inc. now owns 3,302 shares of the company's stock valued at $78,000 after buying an additional 2,856 shares during the last quarter. 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.

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