Benjamin Wolff Sells 19,998 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $82.21, for a total value of $1,644,035.58. Following the transaction, the director directly owned 4,116 shares of the company’s stock, valued at approximately $338,376.36. The trade was a 82.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Globalstar Stock Down 0.1%

GSAT opened at $82.03 on Wednesday. Globalstar, Inc. has a one year low of $26.78 and a one year high of $84.85. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. The stock’s fifty day moving average is $81.05 and its 200-day moving average is $75.05. The company has a market capitalization of $10.63 billion, a PE ratio of -160.84 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last announced 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 firm had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities analysts predict that Globalstar, Inc. will post -0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Globalstar during the 4th quarter valued at $27,000. Optiver Holding B.V. acquired a new stake in shares of Globalstar during the 1st quarter valued at $32,000. US Bancorp DE boosted its stake in shares of Globalstar by 610.7% during 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 period. Finally, NewEdge Advisors LLC grew its holdings in shares of Globalstar by 85.1% during the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after acquiring an additional 430 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Craig Hallum downgraded shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a report on Tuesday, August 18th. Clear Str cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Wall Street Zen upgraded Globalstar to a “sell” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Globalstar currently has an average rating of “Hold” and an average target price of $75.67.

About Globalstar

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.