Globalstar (NASDAQ:GSAT) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Globalstar (NASDAQ:GSAT) issued its earnings results on Thursday. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02), FiscalAI reports. The firm had revenue of $70.90 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.

Globalstar Stock Performance

Globalstar stock traded down $1.05 during midday trading on Thursday, hitting $83.53. The stock had a trading volume of 1,863,426 shares, compared to its average volume of 855,979. Globalstar has a 52-week low of $47.25 and a 52-week high of $85.10. The company has a market capitalization of $10.82 billion, a PE ratio of -163.78 and a beta of 1.52. The firm’s fifty day moving average is $82.74 and its two-hundred day moving average is $76.22. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05.

Insider Buying and Selling at Globalstar

In other news, Director James F. Lynch sold 361,600 shares of the firm’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $82.52, for a total transaction of $29,839,232.00. Following the sale, the director directly owned 351,114 shares in the company, valued at $28,973,927.28. This trade represents a 50.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Monroe, III bought 361,600 shares of the stock in a transaction that occurred on Friday, September 18th. The shares were purchased at an average price of $82.52 per share, for a total transaction of $29,839,232.00. Following the purchase, the director owned 408,253 shares in the company, valued at $33,689,037.56. This represents a 775.08% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have sold 685,864 shares of company stock valued at $56,598,086. 60.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GSAT. Optiver Holding B.V. bought a new stake in shares of Globalstar in the first quarter worth about $32,000. Parallel Advisors LLC lifted its position in shares of Globalstar by 114.1% in the third quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after buying an additional 275 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Globalstar by 879.5% in the second quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock worth $62,000 after buying an additional 686 shares in the last quarter. GAMMA Investing LLC boosted its stake in Globalstar by 120.3% during the third quarter. GAMMA Investing LLC now owns 859 shares of the company’s stock valued at $71,000 after buying an additional 469 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Globalstar by 90.0% during the second quarter. Allworth Financial LP now owns 1,043 shares of the company’s stock valued at $85,000 after buying an additional 494 shares during the last quarter. Institutional investors own 18.89% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on GSAT. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a report on Saturday, August 8th. Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 18th. Finally, Weiss Ratings downgraded Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Globalstar has a consensus rating of “Hold” and an average price target of $75.67.

About Globalstar

Globalstar, Inc provides mobile satellite communications and connectivity services to customers in areas where terrestrial networks are unavailable or unreliable. Its offerings include two-way satellite voice and data communications, satellite-based asset tracking, personal safety and messaging services, and Internet of Things connectivity for commercial, government, and consumer applications.

The company operates a constellation of low-Earth-orbit satellites, ground stations, and related network infrastructure serving users across North and South America, Europe, Australia, and other parts of the world.