Benjamin Wolff Sells 32,711 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 32,711 shares of Globalstar stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $83.19, for a total value of $2,721,228.09. Following the completion of the transaction, the director owned 4,116 shares of the company’s stock, valued at approximately $342,410.04. The trade was a 88.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Globalstar Stock Performance

GSAT stock opened at $82.61 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05. The firm has a market cap of $10.70 billion, a P/E ratio of -161.98 and a beta of 1.58. Globalstar, Inc. has a 12-month low of $24.37 and a 12-month high of $84.85. The stock’s 50 day simple moving average is $80.82 and its 200 day simple moving average is $73.92.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates 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. As a group, equities research analysts predict that Globalstar, Inc. will post -0.38 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Clear Str lowered shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research note on Saturday, August 8th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Globalstar has an average rating of “Hold” and an average price target of $69.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GSAT. UBS Group AG raised its stake in shares of Globalstar by 166.9% during the fourth quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after purchasing an additional 329,270 shares in the last quarter. Defiance ETFs LLC bought a new position in Globalstar in the 4th quarter valued at about $19,461,000. Sculptor Capital LP acquired a new position in Globalstar during the 1st quarter valued at about $15,742,000. Senvest Management LLC raised its position in shares of Globalstar by 27.7% during the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after buying an additional 188,325 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Globalstar in the 4th quarter worth approximately $11,471,000. Institutional investors own 18.89% of the company’s stock.

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.