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

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $81.98, for a total transaction of $1,639,436.04. Following the completion of the sale, the director owned 4,116 shares of the company’s stock, valued at approximately $337,429.68. This represents a 82.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Globalstar Price Performance

NASDAQ GSAT opened at $81.76 on Friday. The company has a market cap of $10.59 billion, a PE ratio of -160.31 and a beta of 1.58. The firm’s 50 day moving average price is $81.14 and its 200-day moving average price is $75.46. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. Globalstar, Inc. has a 52-week low of $28.15 and a 52-week high of $84.85.

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

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in Globalstar during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Globalstar during the fourth quarter worth $27,000. Optiver Holding B.V. acquired a new stake in shares of Globalstar during the first quarter worth $32,000. US Bancorp DE grew its holdings in shares of Globalstar by 610.7% during the third 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. Finally, Advisory Services Network LLC purchased a new stake in shares of Globalstar during the third quarter valued at $40,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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