Globalstar (NASDAQ:GSAT) Shares Down 7% Following Insider Selling

Globalstar, Inc. (NASDAQ:GSAT) shares fell 7% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $62.50 and last traded at $62.56. 375,979 shares were traded during mid-day trading, a decline of 36% from the average session volume of 587,467 shares. The stock had previously closed at $67.30.

Specifically, CEO Paul E. Jacobs sold 845 shares of Globalstar stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $65.80, for a total transaction of $55,601.00. Following the sale, the chief executive officer owned 58,830 shares in the company, valued at $3,871,014. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GSAT. Zacks Research downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. B. Riley upped their price objective on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $68.50.

Globalstar Stock Performance

The business has a fifty day simple moving average of $61.55 and a 200 day simple moving average of $42.38. The company has a current ratio of 2.53, a quick ratio of 2.46 and a debt-to-equity ratio of 1.33.

Globalstar (NASDAQ:GSAT) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The firm had revenue of $73.85 million for the quarter. During the same quarter last year, the business earned $0.06 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year.

Institutional Trading of Globalstar

Several hedge funds have recently bought and sold shares of GSAT. Acadian Asset Management LLC acquired a new stake in Globalstar in the first quarter worth about $99,000. Magnus Financial Group LLC raised its position in shares of Globalstar by 1.7% during the 2nd quarter. Magnus Financial Group LLC now owns 195,745 shares of the company’s stock worth $4,610,000 after buying an additional 3,333 shares in the last quarter. Nordea Investment Management AB acquired a new stake in shares of Globalstar in the 2nd quarter worth approximately $3,037,000. Y Intercept Hong Kong Ltd bought a new position in shares of Globalstar in the second quarter valued at approximately $343,000. Finally, Palogic Value Management L.P. acquired a new position in shares of Globalstar during the second quarter valued at approximately $1,178,000. 18.89% of the stock is currently owned by institutional investors.

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.