Globalstar (NASDAQ:GSAT) Trading Down 7% on Insider Selling

Shares of Globalstar, Inc. (NASDAQ:GSAT) traded down 7% during trading on Wednesday following insider selling activity. The company traded as low as $62.50 and last traded at $62.56. 375,979 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 587,467 shares. The stock had previously closed at $67.30.

Specifically, CEO Paul E. Jacobs sold 845 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $65.80, for a total transaction of $55,601.00. Following the completion of the transaction, the chief executive officer owned 58,830 shares in the company, valued at approximately $3,871,014. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several analysts recently weighed in on GSAT shares. Zacks Research lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective on the stock. Finally, B. Riley increased their price target on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, November 10th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $68.50.

Globalstar Price Performance

The company has a 50 day moving average price of $61.55 and a two-hundred day moving average price of $42.38. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $73.85 million for the quarter. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.06 EPS.

Institutional Trading of Globalstar

Institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE grew 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 valued at $34,000 after buying an additional 800 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Globalstar in the third quarter valued at approximately $37,000. Advisory Services Network LLC acquired a new stake in shares of Globalstar in the third quarter valued at approximately $40,000. Dakota Community Bank & Trust NA purchased a new position in shares of Globalstar during the third quarter worth approximately $46,000. Finally, CWM LLC increased its holdings in shares of Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock valued at $48,000 after acquiring an additional 664 shares during the period. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.