Globalstar (NASDAQ:GSAT) Stock: Insider Timothy Evan Taylor Sells 90,000 Shares

Key Points

• Globalstar VP Timothy Evan Taylor sold 90,000 shares for about $7.77 million at an average price of $86.30, reducing his direct stake by 52.87% to 80,244 shares. He also sold 19,998 shares the previous day.
• Globalstar shares edged up 0.1% to $86.29, near the stock’s 12-month high of $86.96. The company’s latest quarterly loss per share of $0.14 missed analysts’ $0.12 loss estimate.
• Analyst sentiment is cautious: the consensus rating is “Reduce,” with an average price target of $76.00; four analysts rate the stock Hold and one rates it Sell.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) VP Timothy Taylor sold 90,000 shares of the business's stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $86.30, for a total value of $7,767,000.00. Following the completion of the transaction, the vice president directly owned 80,244 shares of the company's stock, valued at approximately $6,925,057.20. The trade was a 52.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Timothy Evan Taylor also recently made the following trade(s):

• On Wednesday, November 11th, Timothy Taylor sold 19,998 shares of Globalstar stock. The stock was sold at an average price of $86.16, for a total value of $1,723,027.68.

Globalstar Stock Up 0.1%

Shares of NASDAQ GSAT traded up $0.05 during mid-day trading on Friday, reaching $86.29. 820,728 shares of the company's stock were exchanged, compared to its average volume of 1,053,990. Globalstar, Inc. has a twelve month low of $53.67 and a twelve month high of $86.96. The company has a current ratio of 1.59, a quick ratio of 1.54 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $11.18 billion, a price-to-earnings ratio of -134.83 and a beta of 1.52. The business has a fifty day simple moving average of $83.15 and a 200 day simple moving average of $76.81.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The business had revenue of $70.90 million during the quarter. Globalstar had a negative net margin of 28.53% and a negative return on equity of 23.10%. As a group, equities analysts expect that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Globalstar

Large investors have recently bought and sold shares of the company. Caxton Associates LLP grew its stake in shares of Globalstar by 12.6% during the 3rd quarter. Caxton Associates LLP now owns 149,457 shares of the company's stock worth $12,388,000 after acquiring an additional 16,674 shares in the last quarter. Gabelli Funds LLC boosted its holdings in Globalstar by 47.7% during the third quarter. Gabelli Funds LLC now owns 67,000 shares of the company's stock worth $5,554,000 after purchasing an additional 21,650 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in Globalstar by 55.9% during the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 71,569 shares of the company's stock worth $5,932,000 after purchasing an additional 25,669 shares during the last quarter. Focus Advisor Solutions LLC bought a new position in Globalstar in the third quarter valued at $248,000. Finally, HighTower Advisors LLC grew its position in Globalstar by 1.3% in the third quarter. HighTower Advisors LLC now owns 17,592 shares of the company's stock valued at $1,458,000 after purchasing an additional 231 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GSAT. Craig Hallum downgraded shares of Globalstar from a "buy" rating to a "hold" rating and set a $90.00 price objective for the company. in a research report on Tuesday, August 18th. Zacks Research raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a research report on Thursday, October 15th. Weiss Ratings lowered shares of Globalstar from a "hold (c)" rating to a "sell (d-)" rating in a research note on Tuesday, September 22nd. Finally, Wall Street Zen upgraded Globalstar from a "sell" rating to a "hold" rating in a report on Saturday, November 7th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $76.00.

About Globalstar

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.

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