Rebecca Clary Sells 920 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $81.75, for a total value of $75,210.00. Following the sale, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at $9,832,726.50. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rebecca Clary also recently made the following trade(s):

• On Tuesday, April 28th, Rebecca Clary sold 4,066 shares of Globalstar stock. The stock was sold at an average price of $81.24, for a total value of $330,321.84.
• On Wednesday, April 15th, Rebecca Clary sold 4,037 shares of Globalstar stock. The stock was sold at an average price of $79.85, for a total value of $322,354.45.
• On Wednesday, March 11th, Rebecca Clary sold 762 shares of Globalstar stock. The stock was sold at an average price of $57.31, for a total value of $43,670.22.
• On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The stock was sold at an average price of $55.38, for a total value of $19,438.38.

Globalstar Stock Down 1.4%

Shares of NASDAQ GSAT opened at $81.49 on Friday. The company has a market capitalization of $10.50 billion, a price-to-earnings ratio of -543.27 and a beta of 1.55. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.60 and a quick ratio of 1.56. The business has a 50-day moving average of $79.02 and a two-hundred day moving average of $67.73. Globalstar, Inc. has a 1 year low of $19.63 and a 1 year high of $84.69.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). Globalstar had a negative return on equity of 3.75% and a negative net margin of 6.84%.The business had revenue of $70.06 million for the quarter. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, analysts forecast that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Craig Hallum reissued a “buy” rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $69.00.

Hedge Funds Weigh In On Globalstar

Large investors have recently modified their holdings of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in shares of Globalstar during the 4th quarter worth approximately $27,000. Optiver Holding B.V. acquired a new stake in shares of Globalstar in the 1st quarter worth approximately $32,000. US Bancorp DE grew its holdings in shares of Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares during the period. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.