Rebecca Clary Sells 4,066 Shares of Globalstar (NASDAQ:GSAT) Stock

Key Points

• Rebecca Clary, Globalstar's CFO, sold 4,066 shares on April 28 at an average price of $81.24 for about $330,322 to cover tax withholding on vesting equity awards, leaving her with 121,198 shares (a 3.25% ownership decrease).
• The April 28 sale continues recent insider selling activity by Clary (4,037 shares on Apr 15; 762 on Mar 11; 351 on Mar 10), indicating a pattern of sales tied to equity vesting and tax obligations.
• GSAT traded at $81.28 (down 0.8%) — near its 52‑week high of $82.10 — has a $10.45B market cap, reported a Q that missed EPS expectations (‑$0.11 vs. $0.01 expected) but saw revenue up 17.6%, and carries an analyst consensus rating of "Hold" with a $69 price target.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) CFO Rebecca Clary sold 4,066 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $81.24, for a total transaction of $330,321.84. Following the sale, the chief financial officer directly owned 121,198 shares of the company's stock, valued at approximately $9,846,125.52. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rebecca Clary also recently made the following trade(s):

• On Wednesday, April 15th, Rebecca Clary sold 4,037 shares of Globalstar stock. The shares were sold at an average price of $79.85, for a total transaction of $322,354.45.
• On Wednesday, March 11th, Rebecca Clary sold 762 shares of Globalstar stock. The shares were sold at an average price of $57.31, for a total transaction of $43,670.22.
• On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The shares were sold at an average price of $55.38, for a total transaction of $19,438.38.

Globalstar Stock Down 0.8%

GSAT traded down $0.62 during trading hours on Tuesday, reaching $81.28. 1,212,064 shares of the stock traded hands, compared to its average volume of 1,097,511. The firm's fifty day simple moving average is $67.35 and its two-hundred day simple moving average is $61.75. The company has a market cap of $10.45 billion, a price-to-earnings ratio of -541.83, a PEG ratio of 133.57 and a beta of 1.46. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $82.10. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37.

Globalstar (NASDAQ:GSAT - Get Free Report) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.12). The firm had revenue of $71.96 million for the quarter, compared to analyst estimates of $71.80 million. Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The firm's revenue for the quarter was up 17.6% on a year-over-year basis. As a group, analysts forecast that Globalstar, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Globalstar in the 4th quarter worth about $26,000. Meeder Asset Management Inc. bought a new position in shares of Globalstar in the 4th quarter worth about $27,000. US Bancorp DE lifted its position in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company's stock worth $34,000 after buying an additional 800 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Globalstar in the 3rd quarter worth about $37,000. Finally, Advisory Services Network LLC bought a new position in shares of Globalstar in the 3rd quarter worth about $40,000. 18.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GSAT has been the subject of several recent analyst reports. Craig Hallum reissued a "buy" rating and set a $70.00 price objective on shares of Globalstar in a report on Monday, March 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Globalstar in a report on Monday, December 29th. Finally, Zacks Research raised shares of Globalstar from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Globalstar currently has an average rating of "Hold" and a consensus price target of $69.00.

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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