Globalstar (NASDAQ:GSAT) VP Timothy Evan Taylor Sells 19,998 Shares of Stock

Key Points

• Globalstar VP Timothy Taylor sold 19,998 shares for about $1.72 million, reducing his direct stake by 7.26% to 255,467 shares. The article also reports a separate sale of 90,000 shares the following day for $7.77 million.
• Globalstar reported quarterly revenue of $70.9 million but missed the consensus EPS estimate, posting a loss of $0.14 per share versus an expected loss of $0.12.
• Analyst sentiment was cautious: the stock had an average “Reduce” rating and a $76 average price target, below its reported trading price of $86.29.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) VP Timothy Taylor sold 19,998 shares of Globalstar stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $86.16, for a total transaction of $1,723,027.68. Following the transaction, the vice president directly owned 255,467 shares of the company's stock, valued at approximately $22,011,036.72. This trade represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Thursday, November 12th, Timothy Taylor sold 90,000 shares of Globalstar stock. The stock was sold at an average price of $86.30, for a total transaction of $7,767,000.00.

Globalstar Stock Up 0.1%

GSAT traded up $0.05 during midday trading on Friday, reaching $86.29. The company's stock had a trading volume of 820,728 shares, compared to its average volume of 1,053,990. Globalstar, Inc. has a 1 year low of $53.67 and a 1 year high of $86.96. The stock's 50-day moving average is $83.15 and its 200-day moving average is $76.81. 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 company has a current ratio of 1.59, a quick ratio of 1.54 and a debt-to-equity ratio of 1.06.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its earnings results 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). Globalstar had a negative net margin of 28.53% and a negative return on equity of 23.10%. The business had revenue of $70.90 million for the quarter. As a group, research analysts expect that Globalstar, Inc. will post -0.62 EPS for the current year.

Institutional Investors Weigh In On Globalstar

Several institutional investors and hedge funds have recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. bought a new position in Globalstar in the 3rd quarter valued at approximately $27,000. Fifth Third Bancorp purchased a new stake in Globalstar during the 3rd quarter valued at $29,000. Optiver Holding B.V. purchased a new stake in Globalstar during the 1st quarter valued at $32,000. Parallel Advisors LLC increased its holdings in shares of Globalstar by 114.1% in the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company's stock worth $43,000 after purchasing an additional 275 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Globalstar by 879.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company's stock worth $62,000 after purchasing an additional 686 shares in the last quarter. Institutional investors own 18.89% of the company's stock.

Wall Street Analysts Forecast Growth

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

Globalstar Company Profile

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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