Globalstar (NASDAQ:GSAT) Director James Monroe III Buys 361,600 Shares

Key Points

• Globalstar director James Monroe III purchased 361,600 shares at an average price of $82.52, investing approximately $29.84 million. His direct holdings rose 775% to 408,253 shares.
• Globalstar shares traded near their 52-week high at $83.04, with a market capitalization of approximately $10.76 billion; the stock’s 52-week range is $33.90 to $84.85.
• The company reported a quarterly loss of $0.23 per share, missing estimates by $0.14, while revenue fell 3.5% year over year to $64.77 million. Analysts maintain a consensus “Hold” rating with an average price target of $75.67.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director James Monroe, III purchased 361,600 shares of the company's stock in a transaction on Friday, September 18th. The shares were bought at an average price of $82.52 per share, for a total transaction of $29,839,232.00. Following the completion of the transaction, the director directly owned 408,253 shares in the company, valued at $33,689,037.56. This represents a 775.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Globalstar Price Performance

Shares of NASDAQ GSAT traded up $0.20 during mid-day trading on Monday, reaching $83.04. 509,724 shares of the company traded hands, compared to its average volume of 1,101,983. Globalstar, Inc. has a fifty-two week low of $33.90 and a fifty-two week high of $84.85. The firm has a market cap of $10.76 billion, a PE ratio of -162.82 and a beta of 1.51. The stock has a fifty day simple moving average of $81.66 and a 200-day simple moving average of $77.89. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly 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). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. Globalstar's revenue for the quarter was down 3.5% compared to the same quarter last year. Equities research analysts anticipate that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Optiver Holding B.V. acquired a new stake in shares of Globalstar in the first quarter worth $32,000. Parkside Financial Bank & Trust boosted its holdings in Globalstar by 879.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company's stock valued at $62,000 after purchasing an additional 686 shares during the period. Allworth Financial LP grew its position in Globalstar by 90.0% in the 2nd quarter. Allworth Financial LP now owns 1,043 shares of the company's stock worth $85,000 after purchasing an additional 494 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Globalstar during the 2nd quarter worth about $97,000. Finally, Meeder Asset Management Inc. raised its position in shares of Globalstar by 169.0% during the first quarter. Meeder Asset Management Inc. now owns 1,197 shares of the company's stock valued at $80,000 after buying an additional 752 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wall Street Zen raised Globalstar to a "sell" rating in a report on Saturday, August 8th. Craig Hallum lowered shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 target price for the company. in a research note on Tuesday, August 18th. Zacks Research cut Globalstar from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Globalstar in a report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus 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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