Globalstar (NASDAQ:GSAT) Director James Lynch Sells 361,600 Shares

Key Points

• Director James Lynch sold 361,600 Globalstar shares at an average price of $82.52, generating approximately $29.84 million. The sale reduced his direct stake by 50.74%, leaving him with 351,114 shares.
• Globalstar shares traded at $83.04, near their 12-month high of $84.85, while the company reported a quarterly EPS loss of $0.23 that missed analyst expectations and revenue declined 3.5% year over year to $64.77 million.
• Analyst sentiment is predominantly cautious, with the stock carrying an average “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 James Lynch sold 361,600 shares of the business's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $82.52, for a total transaction of $29,839,232.00. Following the completion of the sale, the director directly owned 351,114 shares in the company, valued at approximately $28,973,927.28. This trade represents a 50.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Globalstar Stock Performance

GSAT traded up $0.20 on Monday, hitting $83.04. The company's stock had a trading volume of 517,928 shares, compared to its average volume of 1,102,027. Globalstar, Inc. has a 12 month low of $33.90 and a 12 month high of $84.85. The firm has a market cap of $10.76 billion, a P/E ratio of -162.82 and a beta of 1.51. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The company's 50 day simple moving average is $81.66 and its 200-day simple moving average is $77.89.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter. The company's revenue was down 3.5% on a year-over-year basis. Analysts forecast that Globalstar, Inc. will post -0.62 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its stake in shares of Globalstar by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company's stock valued at $1,733,000 after purchasing an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC raised its position in Globalstar by 4.6% in the 1st quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company's stock worth $241,000 after purchasing an additional 160 shares during the period. TD Waterhouse Canada Inc. lifted its stake in Globalstar by 3.0% in the second quarter. TD Waterhouse Canada Inc. now owns 8,047 shares of the company's stock worth $652,000 after purchasing an additional 234 shares during the last quarter. Arizona State Retirement System boosted its position in Globalstar by 1.9% during the second quarter. Arizona State Retirement System now owns 14,193 shares of the company's stock valued at $1,154,000 after buying an additional 258 shares during the period. Finally, Clearstead Trust LLC boosted its position in Globalstar by 20.7% during the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company's stock valued at $130,000 after buying an additional 366 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GSAT has been the subject of several analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Globalstar in a research note on Wednesday, September 2nd. Zacks Research cut Globalstar from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Craig Hallum downgraded shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price target on the stock. in a report on Tuesday, August 18th. Finally, Wall Street Zen upgraded shares of Globalstar to a "sell" rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $75.67.

About Globalstar

Globalstar, Inc NASDAQ: GSAT provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.

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