Insider Selling: Globalstar (NASDAQ:GSAT) Director Sells $1,639,436.04 in Stock

Globalstar, Inc. (NASDAQ:GSAT) Director Benjamin Wolff sold 19,998 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $81.98, for a total value of $1,639,436.04. Following the completion of the sale, the director directly owned 4,116 shares of the company’s stock, valued at $337,429.68. This trade represents a 82.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Globalstar Price Performance

Shares of NASDAQ GSAT opened at $81.76 on Monday. The company has a 50 day simple moving average of $81.14 and a 200-day simple moving average of $75.58. The company has a market capitalization of $10.59 billion, a P/E ratio of -160.31 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. Globalstar, Inc. has a 1 year low of $28.15 and a 1 year high of $84.85.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities research analysts predict that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently modified their holdings of GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Globalstar during the 4th quarter worth about $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar during the fourth quarter worth about $27,000. Optiver Holding B.V. acquired a new stake in shares of Globalstar during the first quarter worth about $32,000. US Bancorp DE lifted 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 purchased a new position in shares of Globalstar in the third quarter valued at approximately $40,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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