Benjamin Wolff Sells 24,000 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 24,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $83.54, for a total value of $2,004,960.00. Following the completion of the sale, the director directly owned 36,827 shares of the company’s stock, valued at approximately $3,076,527.58. This trade represents a 39.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Globalstar Stock Down 0.4%

Shares of NASDAQ:GSAT traded down $0.34 during mid-day trading on Wednesday, hitting $83.22. 739,377 shares of the company traded hands, compared to its average volume of 1,184,723. The stock has a market cap of $10.78 billion, a P/E ratio of -163.18 and a beta of 1.58. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. Globalstar, Inc. has a 12-month low of $24.37 and a 12-month high of $84.85. The stock has a 50-day moving average price of $80.79 and a two-hundred day moving average price of $73.67.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data 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). The company had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company’s revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of Globalstar

Several hedge funds have recently added to or reduced their stakes in GSAT. PNC Financial Services Group Inc. increased its stake in shares of Globalstar by 0.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares during the last quarter. Clay Northam Wealth Management LLC lifted its stake in Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after purchasing an additional 160 shares during the last quarter. Clearstead Trust LLC lifted its stake in Globalstar by 20.7% in the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock valued at $130,000 after purchasing an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Globalstar during the fourth quarter valued at $26,000. Finally, NewEdge Advisors LLC increased its position in Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after buying an additional 430 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday. Finally, Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average 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.