Globalstar (NASDAQ:GSAT) Director Benjamin Wolff Sells 19,998 Shares

Key Points

• Globalstar Director Benjamin Wolff sold 19,998 shares at an average price of $81.98, worth approximately $1.64 million. The transaction reduced his direct ownership by 82.93% to 4,116 shares.
• Globalstar shares traded near $81.76, close to their 12-month high of $84.85, despite the company reporting a quarterly EPS loss of $0.23 that missed analyst expectations and revenue declining 3.5% year over year.
• Analyst sentiment remains cautious, with the stock carrying an overall “Hold” rating and a consensus price target of $75.67; institutional investors own 18.89% of the company.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director Benjamin Wolff sold 19,998 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the completion of the transaction, the director directly owned 4,116 shares in the company, valued at $337,429.68. This trade represents a 82.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Globalstar Trading Down 0.4%

Globalstar stock traded down $0.29 during midday trading on Friday, reaching $81.76. The stock had a trading volume of 925,886 shares, compared to its average volume of 1,151,045. The stock's 50-day simple moving average is $81.12 and its 200 day simple moving average is $75.42. Globalstar, Inc. has a twelve month low of $28.15 and a twelve month high of $84.85. 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 stock has a market capitalization of $10.59 billion, a PE ratio of -160.31 and a beta of 1.58.

Globalstar (NASDAQ:GSAT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The firm's revenue for the quarter was down 3.5% compared to the same quarter last year. Analysts expect that Globalstar, Inc. will post -0.62 EPS for the current year.

Analysts Set New Price Targets

GSAT has been the topic of several research reports. 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 downgraded shares of Globalstar from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a research report on Saturday, August 8th. Clear Str downgraded shares of Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Craig Hallum lowered shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 target price on the stock. in a report on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $75.67.

Institutional Investors Weigh In On Globalstar

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

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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