James Lynch Sells 361,600 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Lynch sold 361,600 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $82.52, for a total value of $29,839,232.00. Following the transaction, the director owned 351,114 shares in the company, valued at approximately $28,973,927.28. The trade was a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Globalstar Trading Up 0.2%

GSAT stock traded up $0.20 during midday trading on Monday, hitting $83.04. The company had a trading volume of 517,928 shares, compared to its average volume of 1,102,027. 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 52 week low of $33.90 and a 52 week high of $84.85. The stock’s 50 day moving average price is $81.66 and its 200 day moving average price is $77.89. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of -162.82 and a beta of 1.51.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $64.77 million during the quarter. The company’s revenue was down 3.5% on a year-over-year basis. As a group, equities research analysts expect that Globalstar, Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlueCrest Capital Management Ltd purchased a new stake in Globalstar in the second quarter worth about $975,000. WINTON GROUP Ltd purchased a new position in shares of Globalstar during the second quarter valued at approximately $707,000. NorthRock Partners LLC bought a new stake in shares of Globalstar in the 2nd quarter worth approximately $268,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Globalstar in the 2nd quarter worth approximately $97,000. Finally, NewEdge Advisors LLC grew its stake in shares of Globalstar by 401.4% in the 2nd quarter. NewEdge Advisors LLC now owns 4,688 shares of the company’s stock worth $381,000 after buying an additional 3,753 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GSAT. Weiss Ratings reissued a “hold (c)” rating on shares of Globalstar in a report on Wednesday, September 2nd. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Finally, Craig Hallum downgraded 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 equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $75.67.

About Globalstar

Globalstar, Inc (NASDAQ: GSAT) provides mobile satellite communications and related connectivity services. The company operates a low-Earth-orbit satellite network that supports two-way voice and data communications, satellite messaging, asset tracking, and Internet of Things (IoT) applications in areas where terrestrial wireless networks are limited or unavailable.

Its product portfolio includes SPOT satellite messengers and tracking devices, which are used for personal safety, emergency communications, location tracking, and field operations.