Globalstar (NASDAQ:GSAT) Director James Lynch Sells 110,000 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) Director James Lynch sold 110,000 shares of Globalstar stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $81.78, for a total value of $8,995,800.00. Following the transaction, the director owned 712,714 shares of the company’s stock, valued at $58,285,750.92. The trade was a 13.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Globalstar Stock Down 0.3%

Shares of GSAT opened at $81.82 on Thursday. Globalstar, Inc. has a 52 week low of $27.64 and a 52 week high of $84.85. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $10.60 billion, a price-to-earnings ratio of -160.43 and a beta of 1.58. The stock’s 50-day moving average price is $81.09 and its 200-day moving average price is $75.25.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings results 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). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million for the quarter. Globalstar’s revenue was down 3.5% compared to the same quarter last year. On average, sell-side analysts predict that Globalstar, Inc. will post -0.62 EPS for the current year.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Globalstar during the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Globalstar in the fourth quarter worth approximately $27,000. Optiver Holding B.V. purchased a new stake in shares of Globalstar during the first quarter worth approximately $32,000. US Bancorp DE increased its position in shares of Globalstar by 610.7% during the third quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in Globalstar in the 3rd quarter valued at $40,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.