Insider Selling: Globalstar (NASDAQ:GSAT) Director Sells 19,998 Shares

Key Points

• Globalstar Director Benjamin Wolff sold 19,998 shares at an average price of $82.21, generating approximately $1.64 million and reducing his direct holdings by 82.93% to 4,116 shares.
• GSAT recently traded at $82.11, near its 12-month high of $84.85, while the company reported a quarterly loss of $0.23 per share and revenue of $64.77 million, down 3.5% year over year.
• Analyst sentiment is predominantly neutral: Globalstar has a consensus “Hold” rating and an average price target of $75.67, with one Buy, four Hold, and one Sell rating.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) Director Benjamin Wolff sold 19,998 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $82.21, for a total value of $1,644,035.58. Following the completion of the sale, the director directly owned 4,116 shares of the company's stock, valued at $338,376.36. The trade was a 82.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Globalstar Stock Down 0.3%

NASDAQ:GSAT traded down $0.25 during mid-day trading on Monday, hitting $82.11. 496,942 shares of the company's stock traded hands, compared to its average volume of 1,160,152. The company has a fifty day moving average of $81.00 and a 200 day moving average of $74.74. Globalstar, Inc. has a twelve month low of $26.44 and a twelve month high of $84.85. The company has a market capitalization of $10.64 billion, a P/E ratio of -161.00 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55.

Globalstar (NASDAQ:GSAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business had revenue of $64.77 million during the quarter. Globalstar's quarterly revenue was down 3.5% on a year-over-year basis. On average, analysts forecast that Globalstar, Inc. will post -0.62 EPS for the current year.

Institutional Trading of Globalstar

Several large investors have recently made changes to their positions in GSAT. Sculptor Capital LP acquired a new position in Globalstar during the first quarter worth $15,742,000. Dimensional Fund Advisors LP increased its stake in shares of Globalstar by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company's stock worth $15,363,000 after purchasing an additional 16,009 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Globalstar during the 1st quarter worth about $1,501,000. State of New Jersey Common Pension Fund D purchased a new position in Globalstar in the 4th quarter valued at about $2,178,000. Finally, UBS Group AG lifted its stake in Globalstar by 166.9% in the 4th quarter. UBS Group AG now owns 526,566 shares of the company's stock valued at $32,142,000 after buying an additional 329,270 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Zacks Research downgraded shares of Globalstar from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Weiss Ratings upgraded shares of Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a report on Saturday, August 8th. Clear Str downgraded Globalstar from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Finally, Craig Hallum lowered 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. One investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $75.67.

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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