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

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 920 shares of Globalstar stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total value of $75,210.00. Following the completion of the sale, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at $9,832,726.50. The trade was a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 shares were 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 shares were 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 shares were 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 shares were sold at an average price of $55.38, for a total value of $19,438.38.

Globalstar Stock Up 1.3%

Globalstar stock opened at $82.66 on Friday. Globalstar, Inc. has a twelve month low of $19.27 and a twelve month high of $84.69. The stock’s fifty day simple moving average is $78.74 and its 200-day simple moving average is $67.64. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $10.65 billion, a P/E ratio of -551.08 and a beta of 1.55.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.16) earnings per share 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 company had revenue of $70.06 million for the quarter. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. As a group, equities analysts expect that Globalstar, Inc. will post -0.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globalstar

Several large investors have recently bought and sold shares of GSAT. Acadian Asset Management LLC purchased a new position in Globalstar in the first quarter valued at $99,000. Invesco Ltd. boosted its stake in Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after acquiring an additional 3,462 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after acquiring an additional 2,331 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Globalstar by 28.4% in the second quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock valued at $355,000 after acquiring an additional 3,334 shares in the last quarter. Finally, Cannell Capital LLC boosted its stake in Globalstar by 1.1% in the second quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock valued at $1,209,000 after acquiring an additional 580 shares in 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 research firms have recently weighed in on GSAT. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Craig Hallum reaffirmed a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Finally, Weiss Ratings raised Globalstar from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $69.00.

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.